The New Zealand Dollar has declined by 36 basis points or 0.53% against the US Dollar since yesterday’s trading session. The currency pair was pressured lower by the 50– hour simple moving average.
As for the near future, the exchange rate could continue to edge lower. The potential target for bearish traders would be near a support cluster formed by the monthly pivot point and the weekly S1 at 0.6661.
However, given that the currency exchange rate is currently trading near the upper line of a descending channel pattern, a breakout could occur during the following trading session.
