The New Zealand Dollar has been pressured south against the US Dollar by the 50-hour simple moving average since July 22. The currency pair breached the monthly pivot point at 0.6643 on Friday.
Given that there is no immediate barrier that could hinder the pair’s movement, the exchange rate could aim for a support level at 0.6579 during the following trading session.
On the other hand, the currency exchange rate could reverse from the current price level at 0.6630 and target a resistance cluster formed by the 100-hour SMA and the weekly PP at 0.6683 today.
