The New Zealand Dollar appreciated about 92 base points against the US Dollar on Monday.
However, the currency pair began today’s trading session on bearish sentiment. By the middle of the European trading session on Tuesday, the exchange rate tested a support level formed by the 50– hour simple moving average at 0.6531.
If the support line holds, the currency exchange rate will continue to be bullish within this session.
Although, if the pair passes the support level as mentioned earlier, a decline towards the weekly S1 at 0.6482 could be expected.
