The New Zealand Dollar depreciated about 40 base points against the US Dollar on Tuesday. The decline was stopped by the 100-hour simple moving average at 0.6698.
Everything being equal, if the support level formed by the 100-hour SMA holds, a surge towards the 0.6759 mark could be expected during the following trading session.
If the NZD/USD currency exchange rate passes the support level as mentioned above, a decline towards the 200-hour SMA could be the next target for bearish traders.
