Downside risks have pressured the New Zealand Dollar versus the US Dollar since the beginning of May. The currency pair has depreciated about 1.22% in value during this short period.
From a theoretical point of view, it is likely that the exchange rate will continue its downward movement in the short-term. The possible target for the pair will be at the lower boundary of a downtrend channel.
Moreover, technical indicators demonstrate that the currency exchange rate will maintain the descending channel pattern during the following trading session.
