The New Zealand Dollar declined by 61 pips or 0.84% against the US Dollar on Wednesday. The currency pair breached the 50– and 100– hour SMAs during yesterday’s trading session.
As for the near future, the exchange rate is likely to maintain the descending channel pattern. Bears could target the weekly support level at 0.7153 within the following trading session.
However, given that the currency exchange rate is currently trading near the upper line of the descending channel pattern, a breakout might occur during the following trading session.