The New Zealand Dollar versus the US Dollar maintained a junior descending channel pattern during yesterday’s trading session. The currency pair traded with low volatility on Monday.
By and large, it is likely that the NZD/USD exchange rate will continue to maintain the descending channel pattern during the following trading session. The potential target for bearish traders will be near the bottom border of the channel pattern at 0.6456.
Although, the currency exchange rate could reverse from the current price level at 0.6496 and dash through the 50-hour SMA support level and the upper boundary of the descending channel pattern.
