The New Zealand Dollar suffered losses against the US Dollar during the first half of Tuesday’s trading session. The currency pair even broke out of the ascending channel pattern to the downside. As a result of the break out, the pair fell down until it found support in the 200-hour SMA, which was located at the 0.7460 mark.
It is highly possible that until the end of the day’s trading the pair will approach the resistance of the weekly PP, which is located at the 0.7492 level.
Moreover, the weekly pivot point is strengthened by the 55 and 100-hour simple moving averages at 0.7498 level. Most likely after encountering the resistance cluster the currency pair will continue the decline. In addition, it can be expected that the rate will soon reveal a new descending pattern.