The New Zealand Dollar was pressured south by the 50-hour simple moving average. The currency pair tested the resistance level formed by the 50-hour SMA at 0.6682 during the Asian session on Tuesday.
By and large, it is likely that the Kiwi will continue to lose strength against the Greenback during the following trading session. The potential downside target will be at the lower band of a descending channel pattern at 0.6599.
However, a support cluster formed by the combination of the weekly and the monthly PPs at 0.6644 could prevent bears from pushing the currency exchange rate lower in the shorter term.
