NZD/USD Price Forecast: Tests descending channel’s lower boundary below 0.5850
- NZD/USD may find support around the lower boundary of the descending channel at the 0.5800 level.
- A corrective rebound is possible once the 14-day RSI falls below the 30 mark.
- The nine-day EMA at the level of 0.5867 would act as an immediate barrier.
NZD/USD extends its losing streak for the fifth successive day, trading around 0.5840 during European trading hours on Tuesday. A review of the daily chart highlights a deepening bearish trend as the pair moves within a descending channel pattern.
The nine-day Exponential Moving Average (EMA) remains below the 14-day EMA, signaling persistent weakness in short-term price momentum. Furthermore, the 14-day Relative Strength Index (RSI) is hovering just above the 30 level, reflecting the prevailing bearish sentiment. A dip below 30 would indicate oversold conditions, potentially paving the way for a corrective rebound.
Regarding its support, the NZD/USD pair tests the psychological level of 0.5800, which coincides with the lower boundary of the descending channel. A decisive break below this level would strengthen the bearish outlook, increasing downward pressure and potentially driving the pair toward its two-year low of 0.5772, last seen in November 2023.
On the upside, immediate resistance lies at the nine-day EMA around 0.5867, followed by the 14-day EMA at 0.5888, which aligns with the upper boundary of the descending channel. A breakout above this channel could weaken bearish momentum and pave the way for the pair to test the psychological resistance level of 0.6000.
NZD/USD: Daily Chart
New Zealand Dollar PRICE Today
The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies today. New Zealand Dollar was the weakest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.18% | 0.21% | -0.17% | 1.01% | 0.36% | 0.13% | 0.10% | |
| EUR | -0.18% | 0.02% | -0.34% | 0.82% | 0.18% | -0.05% | -0.10% | |
| GBP | -0.21% | -0.02% | -0.35% | 0.80% | 0.16% | -0.07% | -0.12% | |
| JPY | 0.17% | 0.34% | 0.35% | 1.17% | 0.52% | 0.27% | 0.24% | |
| CAD | -1.01% | -0.82% | -0.80% | -1.17% | -0.64% | -0.87% | -0.90% | |
| AUD | -0.36% | -0.18% | -0.16% | -0.52% | 0.64% | -0.24% | -0.26% | |
| NZD | -0.13% | 0.05% | 0.07% | -0.27% | 0.87% | 0.24% | -0.04% | |
| CHF | -0.10% | 0.10% | 0.12% | -0.24% | 0.90% | 0.26% | 0.04% |
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 New Zealand Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent NZD (base)/USD (quote).
Author
Akhtar Faruqui
FXStreet
Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.
