The Australian Dollar declined by 83 pips or 1.23% against the US Dollar on Thursday. A breakout occurred through the lower boundary of an ascending channel pattern during yesterday’s trading session.
As for the near future, the NZD/USD exchange rate is likely to continue to edge lower. The potential target for bearish traders would be at a support cluster formed by the weekly and the monthly PPs at 0.6665.
The currency exchange rate could make an upside reversal from the support cluster, as mentioned above within this session.
