Downside risks prevailed in the market on Monday, thus, allowing the New Zealand Dollar to depreciated about 52 basis points against the US Dollar.
Currently, the exchange rat is trading near the lower boundary of a narrow descending channel at 0.6330.
A breakout from the channel pattern is likely to occur within this session. Technical indicators favor a downside breakout.
However, a support level formed by the weekly S2 at 0.6320 could provide support for the currency exchange rate during the following trading session.
