The New Zealand Dollar surged 35 pips or 0.50% against the US Dollar on Friday. The currency pair breached the 50– hour simple moving average during Friday’s trading session.
As for the near future, the exchange rate is likely to continue to edge higher. Buyers could target a resistance level formed by the 200– hour SMA at 0.7085 within this session.
However, the weekly pivot point at 0.7040 could provide resistance for the currency exchange rate in the shorter term.