The New Zealand Dollar has declined by 56 basis points or 0.84% against the US Dollar since Wednesday’s trading session. The currency pair tested the weekly pivot point at 0.6622 on Thursday morning.
Given that the exchange rate has breached the lower boundary of an ascending channel pattern, bearish traders could target the weekly support level at 0.6555 within the following trading session.
However, the currency exchange rate could make an upside reversal from the weekly PP at 0.6622 and target the 0.6680 level today.
