The New Zealand Dollar declined by 28 pips or 0.42% against the US Dollar on Monday. The currency pair breached the 50– hour simple moving average on Tuesday morning.
The exchange rate bounced off a support cluster formed by the weekly pivot point and the 200– hour SMA at 0.6627 during the London session on Tuesday. Bulls could continue to drive the price higher today.
However, technical indicators suggest that the currency exchange rate might trade sideways during the following trading session.