The New Zealand dollar softened after traders were underwhelmed by China’s 5% growth target. On the daily chart, the kiwi came under pressure at 0.6280 on the 20-day SMA following its break below the January low of 0.6200. On the hourly time frame, 0.6160 at the base of the latest bullish momentum is an important support to gauge the strength of buying interest, and a bearish breakout would confirm a lack of it. Then 0.6070 would be the next stop on the way down with 0.6230 as a fresh resistance.
