Downside risks have pressured the New Zealand Dollar lower against the US Dollar since Wednesday’s trading session. The currency pair edged lower by 64 pips or 0.99% in value during this period.
The exchange rate breached the weekly S1 and the monthly S1 at the 0.6369 area during the first half of Thursday’s trading session.
Most likely, bearish sentiment could drive the NZD/USD pair lower towards the lower boundary of a descending channel pattern at 0.6321.
On the other hand, the currency exchange rate might make an upside reversal from the current price level at 0.6350 within this session.
