The New Zealand Dollar declined by 42 points or 0.64% against the US Dollar on Thursday. The currency pair was pressured lower by the 50– and 100– hour SMAs during yesterday’s trading session.
As for the near future, the NZD/USD exchange rate could continue to trade in the descending channel pattern. Sellers are likely to target the 0.6380 level within this session.
However, the currency exchange rate could make an upside reversal from the current price level at 0.6417 and aim for the weekly pivot point at 0.6473 today.
