NZD/USD Analysis: could edge lower

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NZD/USD

The New Zealand Dollar has continued to trade in the descending channel pattern against the US Dollar. The currency pair depreciated by about 41 basis points during yesterday’s trading session.

As for the near future, the NZD/USD exchange rate will most likely continue to maintain the descending channel pattern. The potential target for bearish traders would be at the bottom border of the channel pattern.

However, bears would have to surpass the support cluster formed by the weekly S1 and the monthly pivot point at the 0.6353 regions before reaching the given forecast.