The New Zealand Dollar plunged by 103 pips or 1.42% against the US Dollar on Thursday. The currency pair breached the 50– and 200– hour SMAs during yesterday’s trading session.
All things being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for bearish traders will be near the weekly S1 at 0.7102.
However, the weekly pivot point at 0.7171 could provide support for the NZD/USD currency exchange rate in this session.
