The New Zealand dollar falls back over subdued risk appetite. The pair is looking to hold on to its gains after breaking above the December high of 0.6500. Last month’s swing low around 0.6200-0.6280 is a major demand zone to keep the bullish bias valid. A bullish RSI divergence on the hourly chart is an encouraging sign after the downward momentum faded, but strong offers emerged near the support-turned-resistance at 0.6390 as trapped buyers sought to get out. 0.6280 is the first layer of defence on the downside.