The New Zealand Dollar has declined by 117 pips or 1.92% against the US Dollar since Monday’s trading session. The currency pair breached the 50-, 100– and 200– hour SMAs on Monday.
Currently, the exchange rate is trading near a support cluster formed by the monthly pivot point and the lower boundary of an ascending channel pattern at 0.5958.
If the support cluster holds, the currency exchange rate would make an upside reversal within this session.
However, if the pair breaks the cluster, a decline towards the weekly support level at 0.5921 could be expected today.
