The New Zealand Dollar depreciated about 45 basis points against the US Dollar on Wednesday.

The exchange rate was trading near the upper boundary of a descending channel pattern, thus, it is likely that some downward potential could prevail in the market today.

Although, it is unlikely, that the currency exchange rate could fall lower than the 0.6385/0.6420 range because of the support cluster formed by the weekly S1 and the monthly S1.

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On the other hand, given that the pair is trading near the border of the channel, a breakout could be expected within this session.

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