The New Zealand Dollar plummeted by 94 basis points or 1.42% against the US Dollar on Wednesday. The currency pair breached all three SMAs during Wednesday’s trading session.
Most likely, bearish traders will continue to pressure the exchange rate lower during the following trading session. The possible target for the NZD/USD pair would be at the 0.6500 level.
However, technical indicators suggest that bulls are likely to push the currency exchange rate up in the shorter term.
