NZD/USD Moving Towards Support Level At 0.6583

Technical analysis of Forex market

The New Zealand Dollar has depreciated significantly against the US Dollar since the beginning of this week. The currency pair has lost about 1.47% of its values.

The exchange rate dashed through a support cluster formed by the 200-hour simple moving average and the weekly PP at 0.6637 during the first part of Friday’s trading session.

Everything being equal, it is likely that the NZD/USD currency exchange rate will continue its downside momentum until the pair hit a two-week low level at 0.6583 during the following trading session.

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