Downside risks dominated the NZD/USD currency pair on Wednesday, as the rate closed the session with 73 pips lost or 1.07%. Along the way, the exchange rate breached the 200-hour simple moving average.
By Thursday's trading session, the currency exchange rate fell below the 0.6780 mark and was gradually moving down toward the lower boundary of a downtrend channel. However, a correction north is likely within this session.
Everything being equal, the New Zealand Dollar is likely to decline further south against the US Dollar during the following trading session. In addition, technical indicators are in favour of bears to grow stronger.
Interested in NZDUSD technicals? Check out the key levels
- R3 0.6901
- R2 0.687
- R1 0.6815
- PP 0.6785
- S1 0.673
- S2 0.6699
- S3 0.6644
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