NZD/USD Awaits US Fundamental Release

Technical analysis of Forex market

The New Zealand Dollar edged lower against the US Dollar on Thursday. The currency pair breached a support cluster formed by the combination of the monthly and weekly pivot points at 0.6834.

Currently, the exchange rate is testing a resistance level formed by the weekly PP at 0.6823. If this resistance line holds, a decline towards a support level set by the monthly S1 at 0.6775 could be expected within this session.

Although, if the NZD/USD pair passes the 0.6824 mark, the next target for bullish traders will be near the 100-hour simple moving average at 0.6861

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