Downside risks prevailed in the market on Wednesday and thus sending the New Zealand Dollar to plunged by 86 pips or 1.27% against the US Dollar. As a result, the currency broke out through the lower boundary of a downtrend channel. Moreover, the three SMAs pressured the rate further south.
The decline of the NZD/USD currency pair continued on Thursday, however, this bearish momentum was stopped by the weekly support level at 0.6654.
As for the near future, the currency exchange rate might continue its movement south during the following trading session. Meanwhile, technical indicators favour bears to grow stronger today.
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