The New Zealand Dollar has depreciated by 46 pips against the US Dollar since Friday’s trading session. The currency pair breached the lower boundary of an ascending channel at 0.6285 during the European trading session on Monday.
Currently, the exchange rate is testing a support cluster formed by the combination of the weekly pivot point and the 200– hour simple moving average at 0.6282.
If the pair breaks the support cluster, a decline towards the 0.6240 area could be expected today.
However, technical indicators suggest the pair might trade sideways in the next trading hours.
