The New Zealand Dollar traded against the US Dollar just as expected on Wednesday, as the currency pair breached a support cluster formed by the weekly S2 and the monthly S2, which is located at the 0.6380 area.
Given that the 50-, 100– and 200-hour SMAs are above the price level, and the exchange rate fell below the support cluster at 0.6383 regions, bearish traders could drive the NZD/USD currency pair towards the weekly S3 at 0.6350 within this session.
Moreover, technical indicators suggest that the currency exchange rate will edge lower during the following trading session.
