Bearish momentum has continued to pressure the New Zealand Dollar lower against the US Dollar. The currency pair declined by 117 pips or 1.86% in value during Friday’s trading session.
The exchange rate bounced off the lower boundary of a descending channel pattern at 0.6193 on Monday morning. As a result, the NZD/USD pair breached the weekly PP at 0.6266.
However, the currency exchange rate could make a downside reversal from the weekly PP, as mentioned earlier, during the following trading session.
