The New Zealand Dollar declined by 32 basis points against the US Dollar on Monday. The NZD/USD currency pair continued to trade in the descending channel pattern on Tuesday morning.
Everything being equal, the exchange rate will most likely continue to decline in the descending channel within the following trading session. The possible target for bearish traders would be at the weekly S1 at 0.6592.
On the other hand, given that the currency exchange rate is trading near the upper boundary of the channel pattern, a breakout might occur today.
