The New Zealand Dollar depreciated about 45 base points against the US Dollar on Thursday. The 50– and 100-hour SMAs continued to pressure the currency pair lower.
Everything being equal, it is likely that the NZD/USD currency exchange rate will continue its southern movement within this session. The potential downside target will be near the lower boundary of a medium-term descending channel at 0.6653.
Meanwhile, technical indicators demonstrate that bears are likely to continue their dominance in the market today.
