The New Zealand Dollar declined by 96 basis points or 1.45% against the US Dollar on Wednesday. The currency pair breached the monthly support level at 0.6559 during Wednesday’s trading session.

By and large, the exchange rate will most likely continue to edge lower during the following trading session. A breakout through the lower boundary of a descending channel pattern could occur.

However, if the channel pattern holds, bullish traders could push the price higher within this session.

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