The New Zealand Dollar has declined by 91 points or 1.36% against the US Dollar since Tuesday’s trading session. The currency pair tested the weekly S2 at 0.6597 on Wednesday morning.
Currently, the exchange rate is trading near the lower boundary of a descending channel and could be set for a breakout.
If the breakout occurs, bearish traders are likely to dominate the rest of Wednesday’s trading session.
However, if the channel pattern holds, the currency exchange rate could make a brief retracement towards the 50– hour SMA at 0.6661 today.
