During the last 24 hours, the New Zealand Dollar has depreciated about 37 base points against the US Dollar. A breakout occurred through the lower boundary of an ascending channel pattern at 0.6546 during the morning hours of Wednesday’s trading session.
Given that a breakout had occurred, it is likely that the NZD/USD currency pair will continue its decline today. The potential downswing target for bearish traders will be at the weekly S1 at 0.6504.
Meanwhile, technical indicators flash bearish signals on both the smaller and the larger time-frame charts.
