The New Zealand Dollar has depreciated about 43 base points against the US Dollar since yesterday’s trading session. The currency pair has been guided by the three moving averages since May 14.
As for the near future, it is likely that the NZD/USD exchange rate will continue its downward swing in the short term. The pair might aim for a support cluster formed by the weekly and the monthly pivot points at 0.6452.
Bearish traders might push the currency exchange rate towards a support level set by the weekly S1 at the 0.6485 area today.