The bearish momentum prevailed on Tuesday, causing the NZD/USD exchange rate to fall under the weekly S1 at 0.6411, thus, opening the door for the pair to hit two weeks low.
If bears continue to push the New Zealand Dollar further south, the weekly S2, which is the closest support level at 0.6389, is expected to be ignored. As a result, the Kiwi risks piercing the 0.6350 marks.
However, if the weekly S2 holds, a brief retracement is likely to occur within the following trading session.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.