Downside risks dominated the New Zealand Dollar against the US Dollar on Monday. The currency pair declined by 123 pips or 1.82% during yesterday’s trading session.
Given that a breakout had occurred, the exchange rate could continue to decline within the following trading session. The potential target for the NZD/USD pair will be at the weekly S2 at 0.6597.
However, technical indicators suggest that the currency exchange rate is likely to slide higher during the following trading hours.
