The New Zealand dollar soared 81 points or 1.17% against the US dollar on Tuesday. The 50 hourly simple moving average provided support for the currency pair during yesterday’s trading session.
All other things being equal, the exchange rate could continue to rise during the next trading session. The possible target for bullish traders would be near the weekly R2 at 0.7014.
However, if the currency exchange rate breaks a support line formed by the 50 hourly simple moving average (SMA) at 0.6959, the next target for the bears would be at the 0.6920 level.