The New Zealand Dollar declined by 61 basis points or 0.92% against the US Dollar on Monday. The currency pair tested the lower boundary of an ascending channel pattern at 0.6580 during Monday’s trading session.
As for the near future, the exchange rate could make a push towards the weekly pivot point at 0.6651.
However, technical indicators demonstrate that the currency exchange rate could continue to fall during the following trading session. A breakout through the lower boundary of the ascending channel pattern could occur.
