The New Zealand Dollar declined by 42 pips or 0.60% against the US Dollar on Wednesday. The currency pair breached the weekly support line at 0.6983 during Wednesday’s session.
All things being equal, the exchange rate is likely to continue to edge lower during the following trading session. A breakout through the lower boundary of a descending channel pattern could occur.
However, the currency exchange rate might reverse from the current price level at 0.6974 and target the 0.7050 area today.
