The New Zealand Dollar declined by 90 pips or 1.34% against the US Dollar on Tuesday. The currency pair tested the weekly support level at 0.6602 during Tuesday’s trading session.
Most likely, the exchange rate will continue to trend lower during the following trading session. A breakout through the lower boundary of a descending channel pattern could occur.
However, the weekly S2 at 0.6602 could provide support for the NZD/USD currency exchange rate in the shorter term.
