The NZD/USD exchange rate has been trading in a junior descending channel pattern since the middle of January. The New Zealand Dollar re-tested the upper boundary of the channel pattern on Friday.
The 50-hour simple moving average pressured the currency pair further south during the first part Monday’s trading session.
Meanwhile, technical indicators suggest that the bearish momentum is likely to continue within this session.
If this decline continues, a breakout through the lower boundary of the descending channel pattern is likely to occur today.
