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.

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However, if the pair breaks the weekly S1, bearish traders would likely continue to pressure the rate lower in the shorter term.

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