The New Zealand Dollar declined by 64 pips or 1.06% in value against the US Dollar on Monday. The decline was stopped by the 50– hour simple moving average during yesterday’s trading session.
Everything being equal, the exchange rate could continue to decline. A potential breakout through the lower boundary of an ascending channel pattern could occur during the following trading session.
However, a support level formed by the 100– hour simple moving average at 0.5944 could provide support for the NZD/USD currency exchange rate in the shorter term.