The New Zealand Dollar declined by 28 basis points against the US Dollar on Tuesday. The currency pair tested the lower boundary of an ascending channel pattern at 0.6607 during yesterday’s trading session.
All things being equal, the NZD/USD exchange rate could continue to decline until it reaches a support level at 0.6575 area.
A possible upside reversal could occur from the support line at 0.6575 during the following trading session.
Furthermore, technical indicators suggest that the currency exchange rate will likely continue to edge lower in the shorter term.