The New Zealand Dollar declined by 43 basis points or 0.64% against the US Dollar on Wednesday. The currency pair tested the lower boundary of an ascending channel pattern on Thursday morning.
If the ascending channel pattern holds, bullish traders are likely to pressure the NZD/USD exchange rate higher towards the 0.6800 level during the following trading session.
However, if the currency exchange rate breaks the channel pattern, a decline towards the 0.6700 mark could be expected today.
