The New Zealand Dollar declined by 47 pips or 0.66% against the US Dollar on Monday. The currency pair tested the lower boundary of an ascending channel pattern at 0.7155 during yesterday’s trading session.
All things being equal, the NZD/USD exchange rate could edge higher within the following trading session. The potential target for bullish traders would be near the 0.7220 level.
However, the resistance line at 0.7200 might provide resistance for the currency exchange rate during the following trading session.
