NZD/USD Price Forecast: Kiwi fails to find follow-through above 0.5900
- NZD/USD retreats to 0.5880 after rejection at the 0.5925 area on Monday.
- The risk-sensitive Kiwi gives away gains as fears of a re-escalation of Iran's conflict grow.
- The near-term bias remains positive while above the 200-day SMA, at 0.5830.
The New Zealand Dollar (NZD) trades lower against the US Dollar (USD) on Tuesday, weighed by a moderate risk-averse sentiment as tensions in the Middle East grow. The NZD/USD pair has reversed Monday’s gains and pulled back to the 0.5880 area ahead of the US session opening, after rejection at 0.5926.
Risk appetite waned on Tuesday as the US-Iran Memorandum of Understanding expired without advances in the peace process. Washington and Tehran have ramped up their threats, and the key Strait of Hormuz remains effectively closed, buoying Oil prices and adding pressure on the risk-sensitive Kiwi.
Technical Analysis: Key support is at 0.5830
NZD/USD trades at 0.5879, holding a mildly bullish bias while above the 200-day simple moving average (SMA) at 0.5834, yet with momentum indicators hinting at waning upside pressure. The daily Relative Strength Index (RSI) has retreated below 60 and trends towards the 50 midline, and the Moving Average Convergence Divergence (MACD) has ticked below the zero line, suggesting that bulls are losing conviction.
Immediate support is seen at the ascending trendline from late June lows, now around 0.5860, although the key support level is the 200-day SMA at 0.5834. A break below that level would confirm a deeper correction, aiming for the late July lows just above 0.5760.
On the topside, bulls would need a clear break of the 78.6% Fibonacci retracement of June's downtrend at 0.5916 to curb bears' hopes and shift the focus towards the six-month highs in the 0.600 area (May 7, 29 highs).
(The technical analysis of this story was written with the help of an AI tool. Know more.)
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.06% | 0.16% | 0.18% | -0.00% | -0.02% | 0.39% | 0.21% | |
| EUR | -0.06% | 0.10% | 0.11% | -0.07% | -0.07% | 0.31% | 0.16% | |
| GBP | -0.16% | -0.10% | -0.02% | -0.16% | -0.18% | 0.23% | 0.06% | |
| JPY | -0.18% | -0.11% | 0.02% | -0.17% | -0.19% | 0.21% | 0.05% | |
| CAD | 0.00% | 0.07% | 0.16% | 0.17% | -0.02% | 0.39% | 0.22% | |
| AUD | 0.02% | 0.07% | 0.18% | 0.19% | 0.02% | 0.40% | 0.24% | |
| NZD | -0.39% | -0.31% | -0.23% | -0.21% | -0.39% | -0.40% | -0.15% | |
| CHF | -0.21% | -0.16% | -0.06% | -0.05% | -0.22% | -0.24% | 0.15% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Author
Guillermo Alcala
FXStreet
Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.
