The New Zealand Dollar depreciated about 49 base points against the US Dollar on Wednesday. The decline was stopped after the exchange rate pierced the weekly S1 at 0.6765.
The currency pair breached both the upper boundary of a descending channel pattern and the 50-hour simple moving average at 0.6783 during the middle of Thursday’s trading session.
Most likely, it is expected that the currency exchange rate will make some gains within this session.
However, technical indicators demonstrate that the descending channel pattern is likely to guide the pair lower today.