The New Zealand dollar bounces higher after Q2 CPI exceeded expectations. Despite a choppy price action, general sentiment remains downbeat. Trend followers have been eager to sell into strength. The latest rebound lifted offers at 0.6160, prompting some short-term sellers to cover. The bulls will need to clear the supply area around 0.6200 before they could push for a meaningful recovery. 0.6120 is the closest support. A breakout could cause a sell-off below 0.6070 and then send the kiwi to the psychological level of 0.6000.
