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NZD/USD Tests 100– Hour SMA

The New Zealand Dollar has declined by 65 points or 0.97% against the US Dollar since Thursday’s trading session. The currency pair tested the 100– hour SMA at 0.6623 on Friday morning.

If the support level formed by the 100– hour simple moving average holds, a surged towards the 0.6688 level is likely to occur during the following trading session.

However, if the currency exchange rate breaks the support line, the next target for bearish traders could be near the lower boundary of an ascending channel pattern at 0.6585.

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