The New Zealand Dollar declined by 104 pips or 1.71% against the US Dollar on Wednesday. The currency pair tested the lower boundary of a descending channel pattern on Thursday morning.
As for the near future, the NZD/USD exchange rate could continue trending bearish. A breakout through the lower boundary of the descending channel pattern could occur within this session.
However, if the descending channel holds, the currency exchange rate would make a brief upward move towards the monthly pivot point at 0.6048 during the following trading session
