The New Zealand Dollar has depreciated about 50 basis points against the US Dollar since yesterday’s trading session. The currency pair breached both the channel pattern and the 50– and 100-hour SMAs at 0.6421 on Thursday.
Currently, the exchange rate is trading near a support cluster formed by the 200– hour simple moving average and the monthly pivot point at 0.6392.
If the support cluster holds, a surge towards the 0.6440 area could be expected within this session.
However, if the exchange rate passes the support cluster, bearish traders might target the 0.6360 marks today.