The New Zealand Dollar declined by 38 basis points or 0.53% against the US Dollar on Monday. The currency pair reversed from the upper line of a descending channel pattern at 0.7213 during yesterday’s trading session.
Most likely, bearish traders could continue to pressure the exchange rate lower during the following trading session.
However, the 200– hour simple moving average and the weekly pivot point at 0.7166 could provide support for the NZD/USD currency exchange rate within Monday’s trading session.
