The New Zealand Dollar declined by 52 pips or 0.74% against the US Dollar on Tuesday. The currency pair breached the 50– hour simple moving average during yesterday’s trading session.
As for the near future, the exchange rate could continue to decline. Bearish traders are likely to target the weekly support level at 0.6897 within the following trading session.
However, the currency exchange rate could reverse from the current price level at 0.6972 and target the weekly pivot point at 0.7040 today.
