The New Zealand Dollar declined by 71 basis points or 1.14% against the US Dollar on Wednesday. The decline was stopped by the 50– hour simple moving average during Wednesday’s trading session.
The exchange rate made a U-turn from the weekly resistance level at 0.6193 during the London session on Thursday. Most likely, the NZD/USD currency pair will continue to decline today. The potential target would be near the 100– hour SMA at 0.6143.
However, technical indicators suggest buying signals on the daily time-frame chart.
