The New Zealand Dollar declined by 54 basis points or 0.89% against the US Dollar on Monday. The currency pair breached the 50– hour simple moving average during yesterday’s trading session.
The exchange rate bounced off from a support cluster at the 0.6004 area. Most likely, the NZD/USD pair would continue to surge during the following trading session. Bearish target might target the weekly R1 at 0.6098.
However, technical indicators suggest on the daily time-frame, the currency exchange rate might decline within this session.
