The New Zealand Dollar declined by 127 basis points or 2.06% in value against the US Dollar on Friday. The currency pair was pressured lower by the 50– hour simple moving average.
As for the near future, the exchange rate will most likely continue to depreciate. A breakout through the lower boundary of a descending channel pattern could occur within this session.
However, the monthly S2 at 0.6001 could provide support for the currency exchange rate during the following trading session.
