The New Zealand Dollar declined by 30 points or 0.45% against the US Dollar on Wednesday. A breakout through the lower boundary of an ascending channel pattern occurred on Thursday morning.
Given that a breakout had occurred, bearish traders could continue to pressure the NZD/USD exchange rate lower during the following trading session. The potential target will be at the weekly S1 at 0.6582.
However, a support cluster formed by the 200– hour simple moving average and the weekly pivot point at 0.6627 could provide support for the currency exchange rate in the shorter term.
