The New Zealand Dollar declined by 57 points or 0.85% against the US Dollar on Monday. The currency pair breached the 50-, 100– and 200– hour SMAs during yesterday’s trading session.
As for the near future, the NZD/USD exchange rate could continue to edge lower. Bearish traders are likely to target the 0.6500 level during the following trading session.
However, the weekly support level at 0.6557 could provide support for the currency exchange rate in the shorter term.