The New Zealand Dollar declined by 46 basis points or 0.67% against the US Dollar on Friday. The currency pair reversed from the upper boundary of an ascending channel pattern during Friday’s trading session.
Everything being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for bearish traders would be at the 0.6720 level.
However, a support cluster formed by the 100– hour simple moving average and the weekly pivot point at 0.6736 could provide support for the currency exchange rate in the shorter term.
