The NZD/USD currency pair is currently trading in a narrow descending channel pattern. The New Zealand Dollar declined by 65 pips or 0.98% against the US Dollar during yesterday’s trading session.
Technical indicators suggest that bears are likely to continue to pressure the exchange rate lower during the following trading session. The potential target for bearish traders would be at the 0.6560 level.
However, given that the currency exchange rate is located near the upper line of the descending channel pattern, a breakout could occur within this session.