The New Zealand Dollar has declined by 86 basis points or 1.35% in value against the US Dollar. The currency pair breached the lower boundary of a descending channel pattern during the morning hours on Friday.
Given that the exchange rate has breached the descending channel pattern, the pair will most likely continue to edge lower within this trading session. The possible target will be at a support cluster formed by the weekly S3 and the monthly S2 at 0.6266.
Furthermore, technical indicators suggest that the currency exchange rate will trade bearish today.
