The New Zealand Dollar declined by 30 pips or 0.45% against the US Dollar on Friday. The currency pair breached the 50– hour simple moving average during Friday’s trading session.
Everything being equal, the NZD/USD exchange rate could continue to decline during the following trading session. A breakout through the lower boundary of a descending channel pattern could occur.
However, if the channel pattern holds, bullish traders are likely to pressure the currency exchange rate higher within this session.
