The New Zealand Dollar has depreciated about 1.20% in value against the US Dollar since yesterday’s trading session. The upper boundary of a descending channel pattern provided for the currency pair on Wednesday.
By and large, it is likely that the New Zealand Dollar will maintain the channel pattern. The potential target for bullish traders will be the 0.6522 area.
If the support level at 0.6522 holds, the currency exchange rate could make a brief retracement up within this session.
Meanwhile, technical indicators suggest that the pair will continue its downside movement during the following trading session.
