The New Zealand Dollar appreciated about 50 base points against the US Dollar on Monday. The surged was stopped by the monthly pivot point at 0.6927 at the end of the previous session.
As for the near future, it is likely that the currency exchange rate will edge lower towards a support cluster formed by the 50– and 100-hour simple moving averages and the weekly pivot point near the 0.6887 area.
If the support cluster holds, the NZD/USD exchange rate is likely to continue its upside movement during the following trading sessions.
