The New Zealand Dollar has been depreciating in a junior ascending channel pattern against the US Dollar since October 22 when the currency pair reversed from the upper boundary at 0.6435.
By and large, the NZD/USD exchange rate will most likely continue to decline until it reaches a support cluster formed by the weekly S1 and the monthly pivot point at 0.6319.
If the support cluster holds, a potential upside reversal could occur during the following trading session.
However, if the pair breaks the support levels, bearish traders could aim for the bottom border of the junior ascending channel in the nearest future.
