The New Zealand Dollar declined by 62 basis points or 0.93% against the US Dollar on Tuesday. The currency pair tested the lower boundary of a descending channel pattern on Wednesday morning.
The exchange rate is currently trading near the bottom line of the channel pattern and could be set for a breakout. If the breakout occurs, a decline towards the weekly S2 at 0.6505 could be expected within this session.
However, if the channel pattern holds, bulls are likely to pressure the currency exchange rate higher today.