NZD/USD technical analysis: Struggles near weekly lows, around 200-hour SMA

• Extends this week’s pullback from the 0.6430-35 supply zone.
• Bears are likely to wait for a sustained break below mid-0.6300s.

The NZD/USD pair remained under some selling pressure for the second consecutive session on Friday and dropped to fresh weekly lows, albeit showed some resilience below 200-hour SMA.
 
This is closely followed by support marking 38.2% Fibonacci level of the 0.6204-0.6436 move up, around mid-0.6300s, which if broken might be seen as a key trigger for bearish traders.
 
Meanwhile, technical indicators on hourly charts maintained their bearish bias and have been losing traction on the daily chart, supporting prospects for a further near-term downfall.
 
Weakness below the mentioned support is likely to get extended towards 50% Fibo. level, around the 0.6320 region, before the pair eventually drops to test sub-0.6300 levels (61.8% Fibo.).
 
On the flip side, immediate resistance is now pegged near the 23.6% Fibo. level, around the 0.6385 region, above which bulls are likely to challenge the 0.6430-35 supply zone (the recent swing high).

NZD/USD 1-hourly chart