The New Zealand Dollar has declined by 52 pips or 0.81% in value against the US Dollar since yesterday’s trading session. The currency pair was pressured lower by the 50– and 100– hour SMAs.
Everything being equal, the exchange rate will likely continue to decline until it reaches a support level formed by the weekly S1 at 0.6281. A breakout could occur within this session.
On the other hand, the currency exchange rate could make an upside reversal from the weekly S1 at 0.6281 during the following trading session.
