The Kiwi has been struggling to get support on the back of New Zealand GDP miss.
While on the other side, demand for the Japanese yen rises on risk off sentiment.
Price has dipped below 5-DMA support at 77.80, close below could see further weakness.
Scope then for test of major support at 76 levels. Violation at 76 ( ) could see major weakness.
On the flipside, breakout above 55-DMA could see next major resistance at daily cloud. Breakout above daily cloud invalidates bias.
Support levels - 77.46 (1H 200-SMA), 77.35 (Oct 31 low), 76.93 (Dec 7 low), 76 ( )
Resistance levels - 77.76 (5-DMA), 78, 78.55 (55-EMA), 78.95 (cloud base)
Watch out for close below 1H 200-SMA to go short. Place stops at 78.55, target 77.35/ 77/ 76.
Focus on RBNZ for further direction.
Technicals heavily bearish.