The New Zealand Dollar depreciated about 54 base points against the US Dollar on Thursday. The currency pair breached both the monthly pivot point at 0.6560 and the weekly S1 at 0.6542 during the previous session.
Technical indicators flash sell signals on both the smaller and the larger time frame charts. Therefore, it is likely that the decline of the exchange rate will continue within this session. The potential targets for bearish traders will be near a psychological support level at 0.6520.
However, the currency exchange rate might make a brief retracement towards the 50-hour SMA at 0.6554 today.
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