The New Zealand Dollar is gradually making a new higher highs and lower lows since the currency pair bounced off a support level formed by the 200-hour simple moving average at 0.6809 on March 14.
The exchange rate tested a resistance level formed by the upper boundary of a downtrend line at 0.6874 during the morning hours of Monday’s trading session.
Everything being equal, it is likely that the NZD/USD currency exchange rate could aim for a support cluster set by the combination of the 50– and 100-hour SMAs at 0.6845 during the following trading session.
