Currency Pair: NZD/USD
Chart: 60 Min Charts
Short-Term Bias: Bearish
A deepening economic downturn in New Zealand paired with expectations for a rate cut by the RBNZ continues to favor a bearish outlook for the NZDUSD, and the pair is likely to retest the February low next month as investors remain risk adverse. After reaching a high of 0.6086 in December, increased selling pressures dragged the pair to a seven-year low of 0.4961 earlier this month, and the lack of momentum to push back above 0.5520-30 (50.0% Fib) should hold the kiwi-dollar in a downward trend over the near-term. As a result, I expect the NZDUSD to fall lower over the following week however, as the RSI approaches oversold territory, we may see the pair attempt to push higher over the next few hours of trading to fill-in the gap from the 120 SMA
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