The New Zealand Dollar declined by 72 pips or 1.01% against the US Dollar on Monday. The currency pair reversed from a resistance cluster at 0.7188 during yesterday’s trading session.
As for the near future, the exchange rate could continue to trend lower in a descending channel pattern. Bearish traders might target the 0.7050 area within this session.
However, the currency exchange rate might reverse from the current price level at 0.7124 and target the 0.7250 mark today.
