The New Zealand Dollar declined by 43 pips or 0.60% against the US Dollar on Monday. The NZD/USD currency pair tested the 0.7100 level during yesterday’s trading session.
Currently, the exchange rate is testing a resistance line formed by the 50– hour simple moving average at 0.7140.
If the resistance level holds, the currency exchange rate is likely to continue to edge lower today.
However, if the pair breaks the 50– hour SMA, a surge towards the 0.7194 area could be expected within this session.
