NZD/USD Price Analysis: Bears continue in command as pair resumes losses

NZD/USD declined on Thursday by 0.26% to 0.5865.
Pair resumes losses and hovers near lows since April as bears take control.
Bears may face a period of consolidation as indicators near oversold levels, suggesting potential sideways movement.

Patricio Martín FXStreet

The NZD/USD pair declined by 0.26% to 0.5865 on Thursday, continuing its downward trend. The pair has resumed its losses and is currently trading near lows not seen since April, as bears maintain control.

The pair's downward trajectory is supported by the Relative Strength Index (RSI), which is situated in the negative territory below 37 and exhibiting a slight downward slope. This indicates an increase in selling pressure. The Moving Average Convergence Divergence (MACD) echoes this assessment, as its histogram remains flat and red, despite some early hints of a shift in direction today. This suggests that selling pressure is rising. At present, the 0.5850 level serves as a crucial support zone. If NZD/USD falls below it, it may face further declines towards the 0.5800 level. Conversely, if the pair can regain upward momentum, it will encounter resistance at 0.5900, with a breakout above this level opening up the possibility of a rally towards 0.6000.

NZD/USD daily chart

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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