The New Zealand Dollar appreciated about 39 basis points against the US Dollar on Monday. The currency pair tested the weekly pivot point at 0.6371 during yesterday’s trading session.
After hitting the weekly PP, the exchange rate made a U-turn south. From a technical perspective, the NZD/USD pair will likely continue to decline within the following trading session. The possible target for the pair would be at the lower boundary of an ascending channel pattern at 0.6300.
Although, the currency exchange rate could reversal from the current price level at 0.6337 and aim for the 200– hour SMA at 0.6387 today.