The New Zealand Dollar declined by 43 points or 0.61% against the US Dollar on Monday. The currency pair breached the 50– hour simple moving average during yesterday’s trading session.
All things being equal, the exchange rate could continue to decline during the following trading session. Bearish traders might target the lower boundary of an ascending channel pattern at 0.7040 today.
However, a support cluster formed by the 200– hour SMA and the weekly pivot point near the 0.7060 area could provide support for the currency exchange rate within this session.
