The New Zealand Dollar has edged lower by 0.52% in value against the US Dollar since Monday’s trading session. The currency pair was pressured south by the 100– hour simple moving average.

Everything being equal, the NZD/USD exchange rate will most likely continue to decline until it reaches a support line formed by the weekly S1 at 0.6572.

If the support level holds, bullish traders could resume their present in the market within the following trading session.

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However, if the currency exchange rate breaks the support line, bears are likely to drive the price further south in the shorter term.


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