The New Zealand Dollar was trading in a horizontal line against the US Dollar on Friday. The 50– and 100-hour simple moving averages provided significant support and resistance for the currency pair during Friday’s trading session.
The exchange rate was still stranded between the moving averages during Monday’s trading session. Most likely, a breakout is likely to occur within this session. Technical sentiment suggests an upside breakout.
However, a resistance cluster at 0.6885 could hinder such progress during the following trading hours.