The New Zealand Dollar edged lower against the US Dollar on Monday. The decline was stopped by the 50-hour simple moving average at 0.6820 at the end of the previous trading session.
Technical indicators demonstrate that the currency exchange rate could continue to trade in a junior ascending channel pattern within this session.
If this upside sentiment continues today, a breakout through the upper boundary of a dominant descending channel is likely to occur.
Traders should look for opportunities to trade the currency pair if a resistance cluster at 0.6889 holds
