The New Zealand Dollar depreciated about 25 base points against the US Dollar on Tuesday. The pair was pressure down by the 50-hour simple moving average during yesterday’s trading session.
The currency pair is currently trading near a support level formed by the monthly S1 at 0.6560.
If the support level holds, a pullback towards the 200-hour simple moving average at 0.6595 could be expected within this session.
However, if the currency exchange rate passes the monthly S1 as mentioned earlier, a decline towards the weekly S1 at 0.6542 could follow.
