Forex: NZD/USD likely to pass 0.6485 today

During yesterday’s trading session, the New Zealand Dollar depreciated about 25 base points against the US Dollar. The currency pair tested the weekly S1 at 0.6485 during the Asian session on Thursday.

The 50-hour simple moving average is closely guiding the exchange rate lower. Most likely, the pair will break the weekly S1 as mentioned above within this trading session.

However, if the weekly S1 at 0.6485 holds, the currency exchange rate could aim for a resistance level formed by the upper boundary of a descending pattern at 0.6617 today.