The New Zealand Dollar appreciated about 42 base points against the US Dollar on Friday. The currency pair breached the 200-hour simple moving average during Friday’s trading session.
The exchange rate tested the monthly resistance level at 0.6560 during the morning hours of Monday’s trading session.
If the currency exchange rate reverses from the current price level at 0.6547 and takes out the monthly PP at mentioned above, a surge towards the 0.6617 regions could be expected.
However, if the resistance level at 0.6560 holds, a decline towards a support cluster at 0.6530 could follow.
