The New Zealand Dollar has declined by 66 pips or 1.01% in value against the US Dollar since Thursday’s trading session. A breakout occurred through the lower boundary of a descending channel pattern on Friday morning.
Given that a breakout had occurred, bearish traders could continue to drive the NZD/USD currency pair lower during the following trading session. The potential target will be at the 0.6420 area.
Furthermore, technical indicators suggest bearish signals on both the smaller and the larger time-frame charts.
