The New Zealand Dollar has declined by 88 pips or 1.22% against the US Dollar since Tuesday’s trading session. A breakout occurred through the lower line of an ascending channel pattern on Tuesday.
Given that a breakout has occurred, bearish traders could continue to pressure the NZD/USD exchange rate lower during the following trading session. The possible target for bears would be near the 0.71400 level.
However, the weekly support level at 0.7175 could provide support for the currency exchange rate in the shorter term.
