NZD/USD Price Action: Bears are breaking down structure, eye an extension

• NZD/USD bears eye a continuation below structure. 
• Bulls could be lurking at a key area of potential support. 

NZD/USD remains on the backfoot following the Reserve Bank of New Zealand confirming it would ease mortgage loan-to-value ratio (LVR) restrictions from June 1. The technical outlook is bearish for the meanwhile, but there could be prospects of a bullish correction for the week ahead as the following illustrates.

NZD/USD weekly chart

The weekly chart shows the M-formation´s last leg penetrating prior lows that might be regarded as stucture and such a move signifies a market that is breaking down. However, in the meanwhile, a correction could be coming up. 

NZD/USD daily chart

The market is headed toward a support structure but should the bulls turn up, a correction towards 0.6080-0.6112 could be on the cards.