The New Zealand Dollar has declined by 110 pips or 1.79% against the US Dollar since Tuesday’s trading session. A breakout occurred through the lower boundary of an ascending channel pattern on Tuesday.
Given that a breakout had occurred, bearish traders could continue to pressure the currency pair lower within this session. The potential target for the NZD/USD exchange rate will be at the 0.5950 area.
Although, a support cluster formed by the 200– hour simple moving average and the weekly PP at 0.6005 could provide support for the currency exchange rate during the following trading session.
