A junior descending channel has guided the New Zealand Dollar lower against the US Doller. The currency pair depreciated about 42 base points during Friday’s trading session.
The exchange rate is currently trading near the bottom border of a dominant ascending channel pattern at 0.6801 and could be set for a breakout.
If this breakout occurs, the currency exchange rate will aim at the lower boundary of the junior descending channel at 0.6765.
However, of the bottom border of the dominant ascending channel holds, bullish traders could push the pair towards a resistance cluster at 0.6844.
