The New Zealand Dollar has been depreciating in a descending channel pattern against the US Dollar since July 22. The currency pair has lost about 3.91% in value during the past two weeks.
As for the near future, it is likely that the NZD/USD exchange rate will end this week’s trading sessions near a support level formed by the lower boundary of the descending channel at 0.6475.
However, a support line, set by the monthly S2 at 0.6522 could provide support for the currency exchange rate today.
