The New Zealand Dollar has declined massively against the US Dollar during the last 24 hours. During the short period, the currency pair fell below a dominant ascending channel and also breached the both the weekly and the monthly pivot point.
The 55– and 100-hour simple moving averages guided the NZD/USD currency pair lower on Thursday. By the close of the European trading session on Friday, the pair has reached a two-year historical low level at 0.6574.
Everything being equal, it is unlikely that an upside momentum will come in play today, as bears traders are holding their positions very strong. In addition, technical indicators suggest bears are likely to grow stronger within this session.
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