The 50– hour simple moving average pressured the New Zealand Dollar lower against the US Dollar on Monday. The currency pair breached the lower band of an ascending trendline at 0.6450 during Monday’s trading session.
Most likely, the NZD/USD exchange rate might edge lower during the following trading session. The potential downside target for the pair will be near a support cluster formed by the combination of the monthly S1 and the weekly S1 near the 0.6385 area.
Moreover, technical indicators suggest that bears could prevail in the market during the following hours.
