NZD/USD analysis: Tests weekly R1
|NZD/USD
The New Zealand Dollar has surged by 88 basis points or 1.42% against the US Dollar since Friday's trading session The currency pair tested the weekly R1 at 0.6264 on Monday morning.
If the weekly resistance level holds, bearish traders could pressure the exchange rate lower within this session.
However, if the currency exchange rate breaks the weekly R1, a surge towards the resistance cluster formed by the monthly R1 and the weekly R2 at 0.6330 could be expected during the following trading session.
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