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The New Zealand Dollar declined by 66 pips or 0.92% against the US Dollar on Friday. The decline was stopped by the lower line of an ascending channel pattern during Friday’s trading session.

Currently, the exchange rate is trading near the lower boundary of the channel pattern at 0.7183 and could be set for a breakout.

If the breakout occurs, a decline towards the weekly support level at 0.7102 could be expected within this session.

However, if the channel pattern holds, buyers might target the weekly resistance level at 0.7240 today