The New Zealand Dollar depreciated about 118 base points against the US Dollar on Thursday. The currency pair revealed a new junior descending channel pattern during yesterday’s trading session.

The exchange rate bounced off the bottom border of the channel pattern at 0.6760 during the Asian trading session on Friday.

Everything being equal, it is likely that bullish traders could target a resistance cluster formed by the combination of the weekly and the monthly PPs near the 0.6816 area.

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A potential downside movement is likely to occur, if the cluster holds within this session.

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