The 50– hour simple moving average has continued to pressure the New Zealand Dollar lower against the US Dollar since Wednesday’s trading session. The currency pair breached the monthly S1 at 0.6517 on Thursday morning.
Given that the exchange rate has breached the weekly S3 at 0.6529 and the monthly S1, bearish traders would most likely continue to dominate the NZD/USD pair within this session.
However, a support line, formed by the lower boundary of a descending channel pattern could provide support for the currency exchange rate during the following trading session.
