The New Zealand Dollar declined by 25 pips or 0.37% against the US Dollar on Monday. The currency pair tested the lower boundary of an ascending channel pattern at 0.6671 during Monday’s trading session.
Currently, the exchange rate is trading near the bottom line of the channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the support cluster at 0.6635 could be expected within this session.
However, if the channel pattern holds, bullish traders would pressure the currency exchange rate higher today.