A strong resistance level formed by the 50-hour simple moving average has hindered the New Zealand Dollar from gaining strength against the US Dollar. The currency pair tested the resistance line during the previous session and pullback south.
Everything being equal, it is likely that the currency exchange rate continues its downward movement during the following trading session. The potential target for the currency pair in the short-term will be a 60 pips move south.
However, it is important to note that the monthly S2 at 0.6410 could hinder the price from reaching that base points today.
