During the first part of Thursday’s trading session, the New Zeland Dollar surged by 50 pips or 0.81% against the US Dollar. However, the currency pair abandoned the initial gains at the end of the US session on Thursday.
The exchange rate bounced off the 50-hour simple moving average at 0.6193 during the Asian session on Friday. Most likely, the NZD/USD pair could edge higher today.
However, if the currency exchange rate breaks the 50-hour SMA, bears could pressure the price towards the 0.6160 level during the following trading session.
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