The New Zealand Dollar depreciated about 51 base points against the US Dollar on Friday. The 50– hour simple moving average provided resistance for the currency pair at 0.6550 during Friday’s trading session.
Everything being equal, it is likely that the NZD/USD exchange rate will continue its downward movement. The pair could target a support cluster at 0.6475 within this session.
If the support cluster, formed by the weekly S1 and the monthly S1 at 0.6457 holds, the currency exchange rate could make a brief retracement during the following trading session.
