The New Zealand Dollar depreciated about 58 base points against the US Dollar on Tuesday. The decline was stopped by a support cluster formed by the combination of the weekly and the monthly PPs at 0.6644.
However, today’s session began with the bearish momentum and by the middle of the European trading session, the exchange rate has reached the lower boundary of a descending channel pattern at 0.6625.
A breakout through the lower boundary of the descending channel pattern could occur today if the currency exchange rate continues its decline.
