The New Zealand Dollar surged by 92 pips or 1.28% against the US Dollar on Tuesday. The currency pair reversed from the lower boundary of an ascending channel pattern during yesterday’s trading session.
Most likely, bullish traders could continue to pressure the exchange rate higher during the following trading session. The potential target for buyers would be near the weekly R1 at 0.7388.
However, the 200– hour simple moving average at 0.7316 could provide resistance for the currency exchange rate within this session.