NZD/USD Analysis: breaches ascending channel
|NZD/USD
The New Zealand Dollar appreciated by 35 basis points against the US Dollar on Friday.
However, Monday's trading session began with a bearish sentiment. As a result, the NZD/USD currency pair breached the lower boundary of an ascending channel pattern at 0.6302.
Given that a breakout had occurred, bearish traders could continue to prevail in the market during the following trading session.
Although, a support level formed by the weekly S1 at 0.6288 could hinder bears from pushing the price lower today.
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