The New Zealand Dollar depreciated about 57 base points against the US Dollar on Monday. The currency pair breached both the 50– and 100-hour SMAs at 0.6629 during the previous trading session.
The exchange rate is currently testing a support level formed by the 200-hour simple moving average at 0.6591.
If the support level holds, a surge towards the weekly pivot point at 0.6629 could be expected within this session.
However, if the currency exchange rate passes the support level as mentioned above, bears could continue their dominance in the market today.
