The New Zealand Dollar depreciated about 52 base points against the US Dollar on Monday. The currency pair breached the 50-hour simple moving average during yesterday’s trading session.
The exchange rate breached the lower boundary of an ascending channel pattern during the middle of Tuesday’s session.
Given that a breakout had occurred, it is likely that the currency exchange rate continues its decline today.
Although, a support cluster formed by the combination of the weekly and the monthly PPs near the 0.6821 area could hinder such decline.
