During Friday’s trading session, the New Zealand Dollar depreciated about 47 basis points against the US Dollar. The 50– hour simple moving average pressured the currency pair lower during the previous session.
Everything being equal, it seems that the exchange rate will continue to edge lower in the descending channel pattern within this session. Bearish traders might aim at the weekly S1 at 0.6211.
However, given that the currency exchange rate is trading near the upper boundary of a descending channel pattern, a breakout might occur within the following trading session.
