The New Zealand Dollar depreciated about 137 base points against the US Dollar on Wednesday. The currency pair breached a medium-term ascending channel pattern during yesterday trading session.
Given that a breakout had occurred, it is likely that the NZD/USD exchange rate will continue its decline today.
The potential downside target for the currency exchange rate will be near the lower boundary of a junior descending channel pattern at 0.6780.
Meanwhile, technical indicators suggest a bearish signal on the 4(H) time-frame chart.
