The New Zealand Dollar declined by 57 pips or 0.87% against the US Dollar on Tuesday. The decline was stopped by the 100– hour simple moving average during yesterday’s trading session.
If the 100– hour SMA holds, bullish traders will most likely continue to pressure the exchange rate higher within this session.
However, if the currency exchange rate breaks the support level formed by the 100– hour SMA, a decline towards the 0.6450 could be expected during the following trading session.
