NZD/USD Analysis: Potential breakout

NZDUSD

The New Zealand Dollar has been moving in a horizontal channel pattern against the US Dollar. The currency pair tested the lower boundary of the channel pattern at 0.6733 on Friday.

Technical indicators demonstrate that the currency exchange rate is likely to edge lower within this session. If this technical sentiment is correct, a breakout through the lower boundary of the horizontal channel pattern could be expected within this session.

Although, the NZD/USD exchange rate could reverse from the current price level and aim for a resistance cluster at 0.6795.

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