The New Zealand dollar continues to struggle after downbeat retail sales in Q4. A break below January’s low of 0.6200 on the daily chart confirms the bearish MA cross and signals more room on the downside in the medium-term. The RSI’s oversold condition attracted some buying interests but the bears are expected to sell into strength as sentiment sank along with the price action. The 0.6200-0.6240 range has become a fresh supply area. 0.6090 would be the next target when the downward momentum returns.
