The New Zealand Dollar has continued to consolidate below the 0.6558 level against the US Dollar. The currency pair breached the 50– and 100– hour SMAs during yesterday’s trading session.
Currently, the exchange rate is testing a resistance level formed by the weekly pivot point at 0.6558.
If the weekly PP holds, bears could pressure the NZD/USD pair lower within this session.
However, if the currency exchange rate breaks the resistance level, a surge towards the 0.6600 area could be expected today.
