NZD/USD Down

The New Zealand Dollar has continued to decline against the US Dollar. The currency pair has breached both the 55– and 100-hour SMAs. Nevertheless, the overall dominant ascending channel is still holding.

Given that the NZD/USD pair is moving towards the lower boundary of the dominance channel, a breakout is likely to occur within the next 24 hours. However, it is important to note that the rate could encounter a support set by the 200-hour simple moving average near 0.7289.

Everything being equal, the currency exchange rate could trade in a low volatility until the US fundamental data is released.

Chart: NZD/USD H4