NZD/USD Price Analysis: Bears maintain control, eyes on 200-day SMA

The NZD/USD declined to 0.6095, extending its recent downtrend.
RSI is in negative territory and declining, while the MACD is flat and red.
A break below 0.6100 could open the door for a further decline towards 0.6000.

Patricio Martín FXStreet

In Monday's session, the NZD/USD pair extended its recent decline, falling by 0.30% to 0.6095. The technical indicators are also bearish, suggesting that the selling pressure is likely to continue if the buyers fail to sustain the 0.6100 area where the 200-day Simple Moving Average (SMA) converges.

The Relative Strength Index (RSI) is currently at 40, which is in negative territory and declining mildly. This suggests that selling pressure is increasing slightly and that the bears are in control of the market. The Moving Average Convergence Divergence (MACD) histogram is currently flat and red, indicating a bearish outlook. As long as the RSI remains below 50 and the MACD histogram remains red, the technical outlook will remain bearish for the NZD/USD.

NZD/USD daily chart

The overall outlook for the NZD/USD is bearish as the pair lost its 20-day Simple Moving Average (SMA) last week.The 200-day SMA at 0.6100 is providing some support, but a break below this level could open the door for a further decline towards 0.6000. On the upside, resistance can be seen at 0.6150 and 0.6200.

Author

Patricio Martín

FXStreet

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

GBP/USD runs north of 1.3500 on broad US Dollar weakness

EUR/USD extends gains towards 1.1500 after US data, Warsh's testimony

Buyers losing the battle on Gold

Ethereum rises above $1,900 as BitMine sees improved staking revenue

Ethereum treasury firm BitMine Immersion Technologies saw over $45.7 million in staking and validation revenue in the quarter that ended May 31, according to a 10-Q filing with the Securities and Exchange Commission. That figure represents roughly 98% of the firm's total revenue of $46.5 million, up from $2.05 million over the past year.

The conflict in the Middle East: A massive blow to growth in the Gulf

For the first time since 2009 (excluding COVID), the GDP of the Gulf Cooperation Council (GCC) is expected to contract this year (-0.8%), whereas pre-conflict forecasts had predicted growth of 4.7%.

-0.4%: Why the biggest CPI drop since 2020 couldn't buy back a single cut

The June CPI fell 0.4% on the month, the largest one-month decline since April 2020, dragging the annual rate to 3.5% from May's 4.2% and snapping a three-month acceleration streak. Core prices went nowhere, flat on the month and down to 2.6% YoY, both under consensus.