The New Zealand Dollar depreciated about 40 base points against the US Dollar on Tuesday. The currency pair is currently moving towards a support level formed by the weekly S1 at 0.6485.
If the exchange rate passes the support level, a decline towards the lower boundary of a descending channel pattern at 0.6460 could be expected during the following trading session.
However, if the given support level holds, the currency exchange rate could make a brief retracement towards the 50-hour simple moving average at 0.6519 in the shorter term.
