The New Zealand Dollar declined approximately 40 basis points or 0.54% against the US Dollar on Monday. The currency pair tested the lower boundary of a descending channel pattern during yesterday’s trading session.
Everything being equal, the exchange rate could continue to decline during the following trading session. The possible target for the NZD/USD pair would be near the 0.7140 level.
However, the weekly S1 at 0.7153 could still provide support for the currency exchange rate within this session.
