On Friday Dukascopy analysts expected a corrective move south to occur on the NZD/USD currency pair's charts. This has happened and the move has even extended itself more than expected.
In addition during the second part of Monday's trading, the rate had almost reached the lower trend line of the dominant channel up pattern near the 0.7330 mark. It was largely expected that the pair will decline down to the mentioned trend line.
However, the rate should reach it at a higher level, as the trend line together with the 200-hour SMA was moving higher at the time of writing.
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