Downside risks have pressured the New Zealand Dollar against the US Dollar since Wednesday’s trading session. The NZD/USD currency pair has declined by 100 points or 1.36% on January 27.
Given that a breakout has occurred, bearish traders are likely to continue to drive the exchange rate lower during the following trading session. The possible target for bears would be near the 0.7050 area.
However, the weekly S1 at 0.7107 could provide support for the currency exchange rate within this session.
