The New Zealand Dollar has declined by 51 basis points or 0.78% against the US Dollar since yesterday’s trading session. A breakout occurred through the lower boundary of an ascending channel pattern on Thursday morning.
Given that a breakout had occurred, bearish traders could continue to pressure the price lower during the following trading session. The possible target for bears would be at the 0.6380 area.
However, the monthly support level at 0.6438 could provide support for the currency exchange rate in the short term.
