The corrective pullback in the New Zealand Dollar (NZD) could reach the major support at 0.6115, UOB Group FX strategists Quek Ser Leang and Alvin Liew note.

Bears push to test 0.6115

24-HOUR VIEW: “NZD swung between 0.6157 and 0.6253 last Friday before closing at 0.6175 (-0.76%). The weak closing has led to an increase in downward momentum, albeit not much. Today, provided that NZD remains below 0.6220 (minor resistance is at 0.6200), it could break below 0.6150. The major support at 0.6115 is highly unlikely to come into view today.”