The New Zealand Dollar appreciated about 85 base points against the US Dollar on Friday. The currency pair tested the upper boundary of a medium-term ascending channel at 0.6900.
However, after hitting the upper border of the channel pattern, the exchange rate began to decline. By the middle of the European trading session on Monday, the pair has breached the 50-hour simple moving average at 0.6827.
Everything being equal, it is likely that the NZD/USD currency exchange rate continues its decline within this session. The potential target the price could target will be near the 200-hour SMA at 0.6780 today
