NZD/USD Breaks Support

The New Zealand dollar weakens as commodity prices fall amid fears of recession. A bearish MA cross on the daily chart points to an acceleration to the downside, further weighing on overall sentiment. A fall below 0.6250 has put early bulls on the defensive, invalidating the latest rebound in the process. 0.6210 is the last stronghold and its breach would signal further weakness. The bears may look to sell into strength as the kiwi inches back into its downtrend. 0.6350 is a key hurdle in case of a bounce.

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