The New Zealand Dollar has depreciated by 42 pips or 0.65% in value against the US Dollar since yesterday’s trading session. The currency pair was pressured down by the 50-, 100– and 200– hour SMAs during this period.
Everything being equal, the NZD/USD exchange rate could continue to decline until it reaches a support level formed by the weekly S1 at 0.6374.
If the weekly support level holds, the currency exchange rate will most likely make an upside reversal within this session.
However, if the pair breaks the weekly S1, bearish traders would likely continue to pressure the rate lower in the shorter term.