The New Zealand Dollar depreciated by 34 basis points or 0.54% in value against the US Dollar on Monday. The currency pair breached the lower boundary of a descending channel pattern at 0.6381 during yesterday’s trading session.
Everything being equal, the exchange rate could slightly edge higher within this session. The possible target for the NZD/USD pair will be at the weekly pivot point 0.6433.
However, technical indicators demonstrate that the currency exchange rate could continue to decline during the following trading session.
