Upside sentiment dominated the New Zealand Dollar versus the US Dollar on Monday. A breakout occurred through the upper boundary of a descending channel pattern at 0.6277 during yesterday’s trading session.
Currently, the currency pair is testing a resistance cluster formed by the weekly pivot point and the 100– hour simple moving average at 0.6301.
If the resistance cluster holds, a decline is apparent within the following trading session.
However, if the pair breaks the cluster, as mentioned above, a surge towards the 200– hour SMA at 0.6337 could follow.
