NZD/USD Declines

The New Zealand Dollar has continued the decline against the US Dollar. Nevertheless, this decline was stopped by the first support level at 0.7150. During the European session on Thursday, NZD/USD  began to gain strength, however, the 55-hour simple moving average was restricting the pair for making any further gain.

As for near future, the rate is likely to make a corrective move north for a re-test of the short term resistance at 0.7243. In addition, technical indicators suggest that the pair is in the oversold zone.

No news will be released today concerning both of the parties so we could expect the pair to trade based on technicals and market momentum.

Chart: NZD/USD H4