Bearish sentiment pressured the New Zealand Dollar against the US Dollar on Wednesday. The currency pair fell by 0.93% in value during yesterday’s trading session.
The exchange rate will most likely continue its bearish movement within the following trading session. Technical indicators suggest bearish signals on both the daily and weekly time frame charts.
However, given that the currency exchange rate is trading near the upper boundary of a descending channel pattern at 0.6312, a breakout could occur within the next 24 hours of trading.