The New Zealand Dollar has declined by 56 pips 0.78% against the US Dollar since yesterday’s trading session. The currency pair breached the 50– and 200– hour SMAs on Friday morning.
The exchange rate is currently trading near the lower line of an ascending channel pattern at 0.7184. If the channel pattern holds, bullish traders are likely to pressure the NZD/USD pair higher today.
However, if a breakout occurs, a decline towards the 0.7140 level could be expected today.
