The New Zealand Dollar continued to depreciate against the US Dollar for the fourth consecutive trading session on Wednesday. This downside movement has resulted in the pair to breached the 55-hour simple moving average.
During the European session on Thursday, the currency pair tested the upper boundary of a junior descending channel.
As for the near future, it is likely that the NZD/USD currency exchange rate continue moving along the junior descending channel pattern until its lower boundary is reach. Also, technical indicators suggest that bears are likely to grow strong within this given session.
