The New Zealand Dollar has depreciated by 30 basis points against the US Dollar since yesterday’s trading session. The currency pair breached the lower boundary of an ascending channel pattern during the European session on Tuesday.
As for the near future, the NZD/USD exchange rate will most likely continue to edge lower. Bearish traders could target a support level formed by the weekly pivot point at 0.6520.
If the support level holds, a potential upside reversal could follow from the weekly PP within the following trading session.