The New Zealand Dollar depreciated about 46 base points against the US Dollar on Friday. The decline was stopped by a traditional monthly pivot point at 0.6724 during Friday’s trading session.
If the traditional monthly PP holds, the currency exchange rate will surge towards a resistance cluster formed by the combination of the 100-hour simple moving average and the weekly PP at 0.6764 within this session.
However, if the NZD/USD currency pair passes the monthly S1, the next target for bearish traders will be at the 0.6700 mark in the short-term.
