Downside risks pressured the New Zealand Dollar against the US Dollar on Tuesday. The NZD/USD currency pair fell by 142 pips or 1.99% during yesterday’s trading session.
Everything being equal, the exchange rate could continue to edge lower during the following trading session. A breakout through the lower boundary of a descending channel pattern could occur today.
However, the currency exchange rate could make an upside reversal from a support level at 0.6972 within this session.
