The New Zealand Dollar declined by 30 pips or 0.46% against the US Dollar on October 7. The currency pair breached the weekly support level at 0.6568 on Thursday morning.
The exchange rate bounced from the 0.6540 area during the London session on Thursday. Most likely, the NZD/USD pair could continue to edge higher during the following trading hours.
However, the 50– hour simple moving average at 0.6597 could provide resistance for the currency exchange rate in the short-term.
