The New Zealand Dollar declined by 126 basis points or 2.09% in value against the US Dollar. The currency pair breached the 50– and 100– hour SMAs during yesterday’s trading session.
Currently, the exchange rate is testing a support level formed by the 200– hour simple moving average at 0.5867.
If the support level holds, the NZD/USD pair will most a slight upside movement within this session.
However, if the currency exchange rate breaks the 200– hour SMA, a decline towards the 0.5800 area could be expected today.
