The New Zealand Dollar has declined by 43 basis points against the US Dollar since Wednesday’s trading session. The decline began after the currency pair tested the weekly PP at 0.6504.
As for the near future, the NZD/USD exchange rate could continue to decline. Bearish traders are likely to target a support level formed by the weekly S1 at 0.6411 within this session.
On the other hand, the currency exchange rate could trade sideways within the following trading session. Also, it is unlikely that bulls could prevail, and the rate could exceed weekly 50– and 100– hour SMAs
