NZD/USD: Risks remain skewed to the downside for now – OCBC

NZD/USD is expected to continue its downside movement, in the opinion of economists at OCBC Bank.

Support at 0.6170/85 levels, resistance at 0.6280

“Bearish momentum on daily chart intact while RSI shows signs of falling. Risks remain skewed to the downside for now.” 

“Support at 0.6170/85 levels (100, 200-DMAs), 0.6130 (38.2% fibo retracement of October low to Jan-Feb double top) and 0.6010 (50% fibo).”

“Resistance at 0.6280 (23.6% fibo), 0.6360 (21, 50-DMAs).”

See – RBNZ Preview: Forecasts from six major banks, 50 bps seems appropriate