The New Zealand Dollar has been depreciating against the US Dollar since Thursday’s trading session. The currency pair has declined by 84 basis points during the last 24 hours of trading.
A breakout occurred through the lower boundary of an ascending channel pattern at 0.6671 on Friday. Given that a breakout had occurred, bearish traders will most likely continue to dominate the market within this session. The potential target for the exchange rate will be at the 0.6640 area.
However, technical indicators suggest buying signals on both the smaller and the larger time-frame charts.
