NZD/USD falls below 0.7363

An announcement of the US macroeconomic data on Friday pushed the currency pair into a flag formation. As a continuation pattern, it did not manage the reverse the rate. As a result, today the Kiwi continued to lose value against the American Dollar. Moreover, the fall was strengthened by release of the New Zealand's inflation expectations. An impulse given by this fundamental event was strong enough to push the rate through the updated weekly S1 at 0.7363 and the bottom trend-line of a three months long ascending channel. However, it hasn't been clear yet, whether this drop means that the junior descending channel has prevailed, or this overstep will have a short-term effect and, after making a correction, the pair would return back into the dominant pattern.