The New Zealand Dollar declined by 39 basis points or 0.61% in value against the US Dollar on Friday. The 50– hour simple moving average has continued to pressure the currency pair lower.
The exchange rate is currently trading near the lower boundary of a descending channel pattern at 0.6457 and could be set for a breakout.
If the breakout occurs, the NZD/USD pair will most likely continue to trade bearish in the shorter term.
However, if the descending channel holds, a surge towards the 0.6504 could be expected today.
