The New Zealand Dollar declined by 72 points or 1.08% against the US Dollar on Friday. The currency pair reversed from the upper line of a descending channel pattern during Friday’s trading session.
Everything being equal, the NZD/USD exchange rate could continue to edge lower during the following trading session. The possible target for bearish traders would be at the 0.6550 level.
However, the weekly S2 at 0.6592 could provide support for the currency exchange rate in the shorter term.
