The New Zealand Dollar depreciated about 50 base points against the US Dollar on Monday. The currency pair breached the 50-hour simple moving average during yesterday’s trading session.

As for the near future, it is likely that the currency exchange rate will continue its movement in a medium-term descending channel pattern. Technical indicators suggest that the pair could target a support cluster formed by the weekly and the monthly PPs at 0.6683.

However, it is expected that the NZD/USD currency pair aim for the 50-hour simple moving average at 0.6745 in a short while.

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