The New Zealand Dollar has depreciated by 42 basis points against the US Dollar since yesterday’s trading session. A breakout occurred through the lower boundary of an ascending channel pattern at 0.6583 during the European trading session on Tuesday.
Given that a breakout had occurred, the NZD/USD exchange rate will most likely continue to decline during the following trading hours. The possible target will be at the 0.6540 area.
Although, the 200– hour simple moving average could provide support for the currency exchange rate within this session.
