The New Zealand Dollar declined by 38 basis points or 0.54% against the US Dollar on Monday. The decline was stopped by the 100– hour simple moving average during yesterday’s trading session.
As for the near future, the exchange rate could continue to trend in an ascending channel pattern. Bullish traders might target the weekly resistance level at 0.7070 within this session.
However, if the currency exchange rate breaks a support level formed by the 100– hour SMA, a decline towards the 0.6960 level could be expected today.
