Downside risks have dominated the New Zealand Dollar against the US Dollar since Wednesday’s trading session. A breakout through the lower boundary of an ascending channel pattern at 0.6844 occurred during the Asian trading session on Thursday.
Given that a breakout had occurred, it is likely that the currency exchange rate will continue its decline within this session. The potential downside target will be near a support level at 0.6767.
However, technical indicators on the daily time frame demonstrate that an upside movement is likely to continue today.
