The New Zealand Dollar declined by 188 basis points or 2.99% in value against the US Dollar on Thursday. The currency pair tested the lower boundary of a junior descending channel pattern during yesterday’s trading session.
Everything being equal, the NZD/USD exchange rate will likely continue to trade bearish within this session. A possible breakout through the lower boundary of a descending channel pattern could occur.
However, if the support cluster at the 0.6150 area holds, the currency exchange rate could make a slight upside movement during the following trading session
