The New Zealand Dollar has depreciated by 32 basis points against the US Dollar since Tuesday’s trading session. The 50– hour simple moving average pressured the currency pair lower during this period.
The exchange rate will most likely continue to decline in the shorter term future. Bearish traders could target the psychological level at 0.6550.
However, a support level formed by the weekly S1 at the 0.6572 regions could provide support for the NZD/USD currency exchange rate during the following trading session.
