The New Zealand Dollar has been depreciating against the US Dollar since Tuesday’s trading session. The currency pair has lost about 0.90% of its values.
A breakout through the lower boundary of an ascending channel pattern occurred during the middle of Wednesday’s trading session. Also, the currency pair breached a strong support level at 0.6795.
Most likely, the 200-hour simple moving average at 0.6780 could hinder the bearish momentum within this session.
However, if the currency exchange rate passes the 200-hour SMA, the pair will target a support level at 0.6750
