The movement for the NZD/USD exchange rate on Tuesday was guided by bearish momentum. The pair breached the weekly pivot point at 0.6902 during the middle of yesterday session.
It is likely that the price movement continues to diminish within the following trading session. However, the rate is currently retracing north. This northern journey could encounter a resistance cluster formed by the 55– hour simple moving average and the weekly PP.
Technical indicators flash strong bearish signals. Therefore, a reverse from the aforementioned resistance cluster might be fulfilled.
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