New Zealand’s currency declined by 71 basis points or 1.07% against the US Dollar on Tuesday. The currency pair breached the 200– hour simple moving average during Tuesday’s trading session.
The NZD/USD exchange rate bounced off the bottom border of an ascending channel pattern on Wednesday morning. Most likely, bullish traders could push the price higher within this session.
However, technical indicators demonstrate that the currency exchange rate might continue to decline during the following trading session.
