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NZDUSD Follows Through Lower, Targets Further Weakness

NZDUSD: With the pair following through lower on the back of its previous week losses the past week, it now faces further downside pressure. On the other hand, we may see some form of corrective recovery if it can trade and hold above its key support located at the 0.6125 level. Support is seen at 0.6200 level with a cut through here opening the door for more weakness towards the 0.6150level. Further down, on additional bear pressure the 0.6100 level will be targeted as the next downside target where a violation will turn focus to the 0.6050 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance is located at the 0.6350 level with a cut through that level opening the door for a run at the 0.6400 level. Further out, resistance comes in at the 0.6450 level and then the 1.5000 level. All in all, NZDUSD remains biased to the downside in the long term.



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