The New Zealand Dollar has depreciated about 57 basis points against the US Dollar since yesterday’s trading session. The exchange rate breached the weekly S1 at 0.6251 on Monday.
As for the near future, the NZD/USD currency pair will likely continue to fall. Bearish traders could drag the currency exchange rate towards the lower boundary of a junior descending channel at 0.6209.
If the junior descending channel holds, a brief pullback could be expected during the following trading session.
