NZD/USD Price Analysis: Remains vulnerable below 50-day SMA pivotal support

NZD/USD continued losing ground further below 50-day SMA on Monday.
The set-up supports prospects for additional weakness to the 0.60 mark.

Haresh Menghani FXStreet

The NZD/USD pair edged lower for the third consecutive session and extended last week's rejection slide from a resistance marked by the top end of over a one-month-old ascending channel.

The downward momentum has now dragged the pair back below 50-day, with bears now looking to extend the slide further towards the key 0.60 psychological mark amid a broad-based USD strength.

The mentioned level marks the descending channel support, which if broken might suggest that the recent strong recovery move from near 11-year lows might have already run out of the steam.

Meanwhile, technical indicators on the daily chart have been struggling to gain any meaningful traction and have again started drifting lower in the bearish territory on hourly charts.

The near-term technical set-up seems tilted in favour of bearish traders and supports prospects for a further decline, albeit bears are likely to wait for a sustained break below the 0.60 mark.

On the flip side, the 50-day SMA, around the 0.6055 region, now seems to act as immediate support, above which the pair is likely to make a fresh attempt towards reclaiming the 0.6100 mark.

NZD/USD daily chart

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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