The New Zealand Dollar edged up by 53 pips or 0.74% against the US Dollar on Monday. A breakout occurred through the lower boundary of an ascending channel pattern during the London session on Tuesday.
Given that the currency pair has breached the channel pattern, bearish traders could pressure the exchange rate lower today. The possible target would be near the weekly S1 at 0.7147.
However, the currency exchange rate might reverse from a psychological support level at 0.7200 today.
