The New Zealand Dollar has been depreciating against the US Dollar in a descending channel pattern for the third consecutive trading session. The currency pair has already fallen 1.41% since the beginning of this week.
By the middle of Friday session, the 55– and 200-hour simple moving averages was providing a strong resistance for the exchange rate at 0.6780 and as a result, the pair breached the weekly S1.
Technical indicators flash sell signals on the four-hour time frame. Therefore, the bearish momentum is likely to continue to be in play within this session and potentially push the exchange rate to breakout from the descending channel.
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