The New Zealand dollar softens as the RBNZ continues to expect the country to slip into a recession. The pair is looking to stabilise above the January swing low of 0.6190. A drop below this critical floor would open the door to a deeper correction towards 0.6000. The RSI’s oversold situation has attracted bargain hunters in the demand zone while sellers took some chips off the table. 0.6280 is the first hurdle to go before a rebound could kick off. Then 0.6390 is a key resistance to clear to trigger a broader recovery.
