NZD/USD Price Analysis: Pair extended its decline and tallies a five-day losing streak

NZD/USD fell by 0.23% on Tuesday, slipping to 0.5830.
Pair extended its decline and tallied a five-day losing streak, striking a fresh low below 0.5800, its lowest in over a year.
Indicators warn about oversold conditions, which might push the pair somewhat upwards.

Patricio Martín FXStreet

The NZD/USD plunged by 0.23% to 0.5830 in Tuesday's session, marking its fifth consecutive day in the red. This decline saw the pair set a new low below 0.5800, its lowest level in over a year with indicators echoing an intenses bearish momentum.

The technical analysis reveals a bearish picture for the NZD/USD pair. The key indicators depict mounting selling pressure, accentuating the bearish outlook. The Relative Strength Index (RSI), hovering in negative territory at 36, signifies the current selling sentiment. Similarly, the Moving Average Convergence Divergence (MACD) reinforces this bearish sentiment with its histogram transitioning to red and escalating.

Despite indicators hinting at oversold conditions suggesting a potential temporary upswing, the bears still dominate the pair's trajectory. Hence, a break below 0.5830 may exacerbate losses. The support levels of note are 0.5800, 0.5750, and 0.5730, while resistance stands at 0.5900, 0.5930, and 0.5950.

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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