Downside risks dominated the New Zealand Dollar lower against the US Dollar on Friday. The currency pair fell by 83 points or 1.23% during Friday’s trading session.
Given that a breakout had occurred through the bottom border of an ascending channel pattern, bearish traders could continue to pressure the exchange rate lower within this session. The potential target for the NZD/USD pair would be near a support cluster at 0.6600.
On the other hand, the currency exchange rate could reverse from the current price level at 0.6630 and target the 50-, 100– and 200– hour SMAs at 0.6660 today.
