The New Zealand Dollar traded with low volatility against the US Dollar on Monday. However, a breakout occurred through the upper boundary of a descending channel pattern during the morning hours of Monday’s trading session.
The exchange rate is currently stranded between the 50– and 100– hour SMAs. The 100-hour simple moving average is providing resistance for the rate, while the 50-hour moving average is providing support.
Technical indicators demonstrate that the NZD/USD currency exchange rate will continue its decline within this session.
Although, bulls could try and regain control of the pair during the following trading session.
