The New Zealand Dollar has edged lower by 95 pips or 1.31% against the US Dollar since Friday’s trading session. The currency pair breached the lower boundary of an ascending channel pattern on Friday.
Given that a breakout had occurred, the exchange rate could continue to decline during the following trading session. The possible target for bearish traders would be near the 0.7100 level.
However, the weekly support level at 0.7153 could provide support for the currency exchange rate within this session.
