NZD/USD Price Analysis: Bears in control as selling momentum intensifies

NZD/USD extends losses, declining further in Wednesday's session.
Oversold RSI reflects intensifying selling pressure but opens the possibility of an upwards correction.

Patricio Martín FXStreet

The NZD/USD pair continued its downward trajectory on Wednesday, falling towards the 0.6000 psychological level as selling momentum resumed. Sellers remain in firm control, with the pair reaching lows not seen since August.

The Relative Strength Index (RSI) remains oversold, currently residing at 31. The indicator's downward slope signals increasing selling pressure, aligning with the red bars on the Moving Average Convergence Divergence (MACD) histogram, further confirming the growing bearish momentum.

NZD/USD daily chart

Technically, the NZD/USD remains below its key moving averages, with the 100-day Simple Moving Average (SMA) at 0.6100 and the 200-day SMA hovering around 0.6150 acting as formidable resistance levels. These barriers limit the pair's potential for upward momentum. However, the oversold nature of the RSI might be signaling that an upwards correction is on the horizon.

Support levels: 0.6000, 0.5950, 0.5930. Resistance levels: 0.6070, 0.6100, 0.6130

Author

Patricio Martín

FXStreet

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

GBP/USD clings to multi-day peaks below 1.3500

GBP/USD trades with marked gains on Friday, now giving away some gains following an earlier surpass of the key 1.3500 yardstick. Indeed, Cable gathers fresh steam amid the strong offered stance in the Greenback, all after US NFP badly missed expectations in July.

EUR/USD: Post-NFP bounce falters around 1.1580

EUR/USD reverses Thursday’s decline and trades with solid gains in the 1.1560 region, or two-month peaks, on Friday. The pair’s firm performance comes in a context of a sharp correction in the US Dollar as investors continue to assess disheartening US NFP readings.

How Wall Street rigs the game [Video]

In this week’s Live from the Vault, Andrew Maguire is joined by Peter Antico and Sean Stone to discuss the Paradigm of Money - an in-depth expose of financial market corruption, from naked shorting to the two-tier system that protects Wall Street.

XRP Price Forecast: XRP nears critical $1.00 support

Ripple (XRP) remains pressured on Friday, trading around $1.03 at the time of writing. The token appears to hold this current level as support but lacks a catalyst to sustain a knee-jerk rebound toward the next key resistance at $1.10.

Is Gold about to enter its biggest bull run since 2020?

Gold has stormed back into the spotlight and its next move could leave late buyers chasing. On August 5, the yellow metal surged almost 7% – roughly $174 – to close near $4,308 an ounce, posting one of its biggest daily advances in recent history. A weaker U.S dollar, falling Treasury yields, changing Federal Reserve expectations and renewed safe-haven demand all struck at once.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.