The New Zealand Dollar has declined by 110 basis points or 1.54% against the US Dollar since Friday’s trading session. The currency pair breached the lower boundary of an ascending channel pattern at 0.7068 during the London trading session on Monday.
Everything being equal, the exchange rate could continue to edge lower within the following trading session. The potential target for bears would be at the weekly S2 at 0.7003.
However, technical indicators flash buying signals on the daily time-frame chart. Most likely, a possible upside movement could occur later in the trading day.
