NZD/USD Analysis: Brief Retracement Expected

NZD/USD Analysis: Brief Retracement Expected

The New Zealand Dollar surged by 120 base points against the US Dollar on Tuesday. The currency pair breached a resistance cluster formed by the combination of the weekly and the monthly PPs near the 0.6728 region during the end of yesterday’s trading session.

Given that the currency exchange rate has breached the resistance level as mentioned above, the next target for the pair will be at the weekly R2 at 0.6794 within this session.

However, it is expected that the NZD/USD exchange rate makes a brief retracement towards a support level ay 0.6728 today.

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