The New Zealand Dollar has plummeted about 101 base points against the US Dollar since the previous trading session. The currency pair breached the lower boundary of a descending channel pattern at 0.6800 during the Asian session on Friday.
Given that a breakout had occurred, it is possible that bearish traders could push the Kiwi towards a low level of 0.6752 during the following trading session.
Although, a support level formed by the weekly S2 at 0.6770 might hinder the currency exchange rate from edging lower today.
