On Friday, the New Zealand Dollar edged up by 55 pips or 0.77% against the US Dollar. The 50– hour simple moving average provided resistance for the currency pair during Friday’s session.
Technical indicators flash selling signals on the 4H and daily time-frame charts. The exchange rate will most likely continue to edge lower in a descending channel pattern today.
However, the weekly support line at 0.7069 could provide support for the currency exchange rate within this session.
