The New Zealand Dollar declined by 39 pips or 0.54% against the US Dollar on Monday. The currency pair breached the 50– and 200– hour SMAs during yesterday’s trading session.
A breakout occurred through the lower boundary of an ascending channel pattern during the London session on Tuesday.
Given that a breakout had occurred, bearish traders are likely to pressure the NZD/USD pair lower today.
However, the weekly pivot point at 0.7171 could provide support for the currency exchange rate within this session.
