The New Zealand Dollar has depreciated about 0.96% in value against the US Dollar since yesterday’s trading session. The decline started after the currency pair tested a resistance cluster formed by the 50– hour simple moving average and the monthly pivot point at 0.6380.
As for the near future, the NZD/USD exchange rate might make a brief retracement towards the weekly S1 at 0.6356.
If the resistance line holds, bearish traders could continue their dominance in the market during the following trading session.
