NZD/USD Analysis: Testing support cluster at 0.6795

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The New Zealand Dollar gained over 50 base points against the US Dollar on Friday.

However, today's session began with a bearish momentum, and by the middle of the European trading session, the currency pair has breached both the lower boundary of an ascending channel and the 50-hour SMA at 0.6807.

If a support cluster formed by the combination of the weekly and the monthly PPs at 0.6795 holds, the currency exchange rate could continue its upside movement today.

On the other hand, if the rate passes the cluster, the next target will be near the 100-hour SMA at 0.6783.

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