During Tuesday’s trading session, the New Zealand Dollar declined by 54 basis points or 0.83% in value against the US Dollar.
The currency pair is currently testing a resistance level formed by the 50– hour simple moving average at 0.6409.
If the exchange rate breaks the 50– hour SMA, a surge towards a resistance level formed by the weekly pivot point at 0.6431.
However, if the resistance line holds, the next target for bearish traders would be near the weekly S1 at 0.6384.
