Downside risks have pressured the New Zealand Dollar lower against the US Dollar since yesterday’s trading session. A breakout occurred through the lower boundary of a descending channel pattern on Friday morning.
Given that a breakout had occurred, the NZD/USD exchange rate will most likely continue to edge lower within this session. The weekly S2 at 0.6219 could provide support for the pair today.
A potential upside reversal could occur from the weekly S2, as mentioned earlier, during the following trading session.
