A resistance cluster formed by the combination of the weekly and the monthly pivot points at 0.6837 restricted bulls from pushing the New Zealand Dollar higher against the US Dollar on Monday. The currency pair declined about 0.92% at the end of yesterday’s trading session.
The exchange rate is currently trading near the lower boundary of a falling wedge pattern at 0.6770 and could be set for a breakout. If this breakout occurs, bearish traders could target the bottom border of a medium-term ascending channel at 0.6724.
However, if the support line holds, the pair might aim for a resistance of the resistance cluster at 0.6837.
