The New Zealand Dollar edged lower by 0.55% in value against the US Dollar on Monday. The decline was stopped by a support cluster formed by the 100– hour simple moving average and the weekly pivot point at 0.6285 during the previous trading session.
Technical indicators suggest that the currency pair might maintain the junior ascending channel pattern today.
If the upside momentum continues, the NZD/USD exchange rate will target the weekly R1 at 0.6368 within this session.
Although, the currency exchange rate needs to surpass the monthly PP at 0.6319 before reaching the given target.
