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