The New Zealand Dollar has depreciated about 52 base points against the US Dollar since yesterday session. The currency pair was guided south by the 50-hour simple moving average.

The exchange rate breached a support level set by the weekly S1 at 0.6583 during the European trading session on Tuesday.

Given that the currency exchange rate has tested the support level, the next target for the pair will be at the monthly S2 at 0.6545.

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On the other hand, the price could reverse from the current level and aim at a resistance line formed by the 50-hour SMA at 0.6612 within this session.

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