Downside risks have dominated the New Zealand Dollar against the US Dollar since yesterday’s trading session. The exchange rate fell by 152 basis points or 2.48% on Wednesday.
All things being equal, the NZD/USD currency pair could continue to decline within this session. Bearish traders might target a support level formed by the weekly S1 at 0.5909.
On the other hand, the currency exchange rate could make a U-turn from the current price level at 0.5956 and aim for the 200– hour SMA at 0.6020 within this session.
