Bears continue their dominance in the market for the NZD/USD currency pair. During the first part of Thursday’s session, the exchange rate tested the 200-hour simple moving average at 0.6863.
If this support level formed by the 200-hour SMA holds, the pair could aim for a re-tests of the weekly R1 at 0.6932.
However, if the pair passes the support line, a potential breakout through the lower boundary of an ascending channel at 0.6843 is likely to occur.
Meanwhile, the US macroeconomic data releases schedule at 15:00GMT could change the overall positioning of the currency exchange rate.
