NZDUSD Analysis: Tests resistance cluster
|NZDUSD
The New Zealand Dollar depreciated about 55 base points against the US Dollar on Monday. The exchange rate breached the 200-hour simple moving average at 0.6551 during the end of Monday's session.
The currency pair has bounced off the bottom border of an ascending channel during the first part of today's session. Currently, the rate has tested a resistance cluster formed by the 100-hour SMA and the weekly PP at 0.6564.
If the resistance level as mentioned above holds, the NZD/USD currency exchange rate could aim at a support level formed by the combination of the weekly and the monthly PPs at the 0.6522 regions.
Meanwhile, technical indicator flashes a mix signals today.
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