The New Zealand Dollar declined by 92 pips or 1.37% against the US Dollar on Friday. A breakout occurred through the lower boundary of an ascending channel pattern during Friday’s trading session.
Given that a breakout had occurred, the exchange rate could continue to edge lower during the following trading session. The potential target will be at the weekly S1 at 0.6550.
However, the monthly pivot point at 0.6593 could provide support for the currency exchange rate within this session.
