The New Zealand Dollar has declined by 122 pips or 1.64% against the US Dollar since yesterday’s trading session The currency pair tested the lower line of an ascending channel pattern at 0.7353 on Friday morning.
If the lower boundary of the ascending channel holds, bullish traders could pressure the NZD/USD exchange rate higher towards the 0.7500 level during the following trading session.
However, if the currency exchange rate breaks the channel pattern, a decline towards the weekly pivot point at 0.7254 could be expected today.
