During Tuesday’s trading session, the New Zealand Dollar depreciated by about 34 basis points against the US Dollar. The 100– hour simple moving average pressured the currency pair lower on Tuesday.
Everything being equal, it seems likely that the exchange rate will continue to edge lower in the descending channel pattern within this session. Bearish traders might aim at the weekly S1 and the monthly PP at 0.6316.
However, the 50– hour SMA at 0.6352 could provide support for the currency exchange rate within the following trading session.
