NZD/USD Price Analysis: Pair slips to 0.5750 as selling pressure resumes
- NZD/USD declines on Tuesday, settling near 0.5755 after Monday’s modest recovery attempt.
- Pair remains confined below the 20-day SMA, reinforcing the prevailing bearish bias.
- RSI falls sharply to 36 in negative territory, while MACD histogram prints decreasing red bars, indicating renewed selling pressure.
The NZD/USD pair gave back recent gains on Tuesday, retreating by 0.48% to 0.5755 as sellers regained control. Persistent resistance at the 20-day Simple Moving Average (SMA), located around 0.5890, continues to cap any meaningful upside attempts, keeping the broader outlook tilted to the downside.
Technical indicators confirm the return of selling pressure. The Relative Strength Index (RSI) has slipped to 36, moving deeper into negative territory and reflecting intensifying bearish momentum. Similarly, the Moving Average Convergence Divergence (MACD) histogram continues to print decreasing red bars, underscoring the lack of buying interest and fading bullish attempts.
As long as NZD/USD remains below the 20-day SMA, the path of least resistance points lower. Immediate support emerges near the 0.5750 region, with a break below this level likely paving the way toward the 0.5700 mark. Without a decisive push above the 20-day SMA, any rebound attempts are likely to remain short-lived.
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.
