The New Zealand Dollar depreciated by 38 basis points against the US Dollar on Tuesday. The currency pair breached the 200– hour simple moving average during yesterday’s trading session.
As for the near future, the NZD/USD exchange rate will likely continue to trade in the descending channel pattern. The pair could make a brief retracement towards a resistance cluster formed by the 50– hour SMA and the weekly pivot point at 0.6583 during the following trading session.
However, a resistance level set by the 200– hour SMA at 0.6573 could provide resistance for the currency exchange rate today.
