The New Zealand Dollar fell by 70 basis points or 0.96% against the US Dollar on Monday. The currency pair tested the lower line of an ascending channel pattern at 0.7158 during yesterday’s trading session.
Everything being equal, the exchange rate could continue to trade in the ascending channel pattern. Bulls are likely to target the 0.7260 level during the following trading session.
However, a resistance level at 0.7240 could provide a barrier for the NZD/USD currency exchange rate today.
