The New Zealand Dollar edged lower by 98 basis points or 1.36% against the US Dollar on Friday. The currency pair was pressured lower by the 200– hour simple moving average during Friday’s trading session.
The NZD/USD exchange rate could continue to decline during the following trading session. A breakout through the lower boundary of a descending channel pattern could occur today.
However, if the channel pattern holds, the currency exchange rate could make a brief pullback towards the weekly pivot point at 0.7162 within the following session.
