The New Zealand Dollar declined by 31 pips or 0.44% against the US Dollar on Thursday. The currency pair breached the 50– hour simple moving average at 0.6970 on Friday morning.
Given that the exchange rate has breached the 50– hour SMA, bullish traders might pressure the NZD/USD pair towards a resistance cluster at 0.7100 within this session.
However, a resistance level at the 0.7050 level could provide resistance for the currency exchange rate during the following trading session.
