The New Zealand Dollar has depreciated about 0.93% in value against the US Dollar since Friday’s trading session. The exchange rate tested a support level formed by the weekly S1 at 0.6251 during the Asian session on Monday.
If the support level holds, a surge towards the 50– hour simple moving average at 0.6291 could be expected today.
However, if the currency exchange rate breaks the weekly S1, as mentioned above, bearish traders would drag the price lower within the following trading session.
Meanwhile, technical indicators suggest bearish signals on the 4(H) time-frame chart.
