• NZDUSD decreases more than 4% from 0.6370
• Price posts the 6^th straight red day
• Stochastics and RSI suggest some upside retracement

NZDUSD slipped towards the 0.6100 area, raising worries that the pullback from the 15-month high of 0.6370 could gain more legs. The pair has been losing more than 4% over the last six trading sessions, with immediate support coming from the 200-day simple moving average (SMA) at 0.6095.

Any additional declines could remain attractive to traders with the next support level coming from the 0.5975 barrier. If that bearish scenario unfolds, the pair could tumble towards the 0.5850-0.5875 region.

Should the bulls return, they will first push for a close above the 50-day SMA at 0.6155. Then, they would fight for a breakout above the 20-day SMA at 0.6230 and the short-term rising trend line at 0.6270. The 15-month top of 0.6370 could be the next destination.

Technically, a rebound in the price cannot be excluded as the stochastic is creating a bullish crossover in the oversold area, while the RSI is moving horizontally below the 50 level after a steep fall.

In brief, NZDUSD is negative in the short-term view but as long as it trades above the 200-day SMA, buying the dip could be a favorable play.