A junior descending channel pattern has guided the New Zealand Dollar towards a three-week low against the US Dollar. The currency pair breached the weekly S1 at 0.6765 during the Asian trading session on Wednesday.
Everything being equal, it is likely that bullish traders could attempt to push the currency exchange rate towards the 50-hour simple moving average at 0.6797 within this session.
However, the NZD/USD pair might make a reversal from the current price level at 0.6780 and continue its downside momentum during the following trading session.
