Bears have their sights set on testing levels below 0.6160s for the NZD/USD pair, which is currently trading at 0.61878.
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- NZD/USD bears eye a move to test below the 0.6160s.
The New Zealand Dollar outperformed against G10 currencies after China’s authorities signalled further stimulus, propping up the Bird after weakening in the prior six sessions. At the time of writing, the Bird is trading at 0.6200 and has travelled between 0.6155 and 0.6215.
From a technical standpoint, the Kiwi is under pressure but has come up to test the resistance, both horizontal and dynamic:
As illustrated, the pair is on the front side of the bearish trend and sees prospects of a move below the 0.6160s that guards a run towards major trendline support.
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