The New Zealand Dollar appreciated about 61 base points against the US Dollar on Monday. The appreciation was stopped by a strong resistance level formed by the 100-hour simple moving average and the weekly pivot points at 0.6892.
A resistance cluster formed by the combination of the 100-hour SMA and the weekly pivot point at 0.6892 pressurised the currency pair south during the first half of today’s session.
Everything being equal, it is likely that the moving averages pressurise the currency exchange rate south towards a swing low of 0.6840 during the following trading session.
