The New Zealand Dollar declined by 39 points or 0.55% against the US Dollar on Friday. A breakout occurred through the lower boundary of an ascending channel pattern during the London open on Monday.
Given that a breakout has occurred, the NZD/USD exchange rate could continue to decline during the following trading session. The potential target for bears would be near the weekly S1 at 0.6995.
On the other hand, the currency exchange rate could reverse from the current price level at 0.7023 and slide higher within this session.
