The New Zealand Dollar declined by 79 basis points against the US Dollar on Tuesday. The decline was stopped by the weekly support level at 0.6240 during yesterday’s trading session.
The NZD/USD exchange rate breached the 50-, 100– and 200– hour SMAs during the European session on Wednesday. Most likely, the currency pair could aim for the upper boundary of a descending channel pattern at 0.6434 within this session.
If the descending channel pattern holds, the currency exchange rate will continue trading in the channel pattern in the short-term.
