The New Zealand Dollar depreciated about 58 base points against the US Dollar on Wednesday. The decline was stopped by a support level formed by the weekly pivot point at 0.6795. Today’s session began with an upward movement.
The currency pair tested the upper boundary of a junior descending channel pattern at 0.6840 during the middle of the day.
It is likely that the NZD/USD currency exchange rate decline towards a hidden base of 0.6768.
Traders are advised to look for opportunities to trade if the hidden base of 0.6768 holds.
