As predicted, the New Zealand Dollar hit a resistance cluster formed by the weekly and the monthly pivot points at 0.7147 during yesterday’s trading session. After the currency pair tested the resistance cluster, a pullback occurred as expected.
The exchange rate began today’s trading session with a bearish momentum, and by the middle of the trading hours, the Kiwi has lost about 0.77% in value against the US Dollar.
As for the near future, it is likely that the currency exchange rate regains some of its lost position.
However, the 50-, 100– and 200-hour simple moving averages could hinder such movement today.
