The New Zealand Dollar declined by 75 pips or 1.19% in value against the US Dollar on Wednesday. The currency pair breached the 50-, 100– and 200– hour SMAs during yesterday’s trading session.
Currently, the exchange rate is testing a support level formed by the weekly S1 at 0.6240.
If the support line holds, the NZD/USD pair will make a slight upward movement within this session.
However, if the currency exchange rate breaks the weekly S1, the next target would be at the lower boundary of a descending channel pattern at 0.6150
