The New Zealand Dollar depreciated about 38 basis points against the US Dollar on Friday. The currency pair was pressured by the 100– hour simple moving average during Friday's trading session.
Given that the exchange rate has breached all three moving averages, it is likely that the pair could edge lower today. The potential target will be near a swing low at 0.6385.
However, a support level, formed by the bottom border of an ascending trendline at 0.6450, could provide support for the currency exchange rate during the following trading session.
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