The New Zealand Dollar traded sideways movement against the US Dollar on Monday. The 50– hour simple moving average provided support for the currency pair at 0.6420 during yesterday’s trading session.
A breakout occurred through the lower boundary of an ascending channel pattern during the European trading session on Tuesday.
Given that a breakout had occurred, the NZD/USD exchange rate will decline towards the monthly and the weekly pivot points at 0.6392 during the following trading session.
