NZD/USD Price Forecast: Trades near 0.5950 with a bearish bias

NZD/USD moves downwards within a descending channel pattern, reinforcing a bearish bias.
The nine-day EMA continues to stay below the 14-day EMA, adding to the prevailing bearish sentiment.
The pair could target the lower boundary of the descending channel around the 0.5930 level.

Akhtar Faruqui FXStreet

The NZD/USD pair remains tepid for the fourth consecutive session, trading around 0.5970 during Wednesday's European session. Analysis of the daily chart shows a downward movement within a descending channel, indicating a bearish bias.

Adding to this outlook, the nine-day Exponential Moving Average (EMA) remains below the 14-day EMA, further supporting the bearish sentiment for the NZD/USD pair. Short-term momentum appears weak, suggesting continued downward pressure.

The 14-day Relative Strength Index (RSI), a key momentum indicator, currently hovers just above the 30 mark. A drop below this level would signal an oversold condition, potentially pointing to an upcoming upward correction for the NZD/USD pair.

On the downside, the NZD/USD pair could target the lower boundary of the descending channel around the 0.5930 level. A decisive break below this support might lead the pair toward the "pullback support" near 0.5850.

For resistance, the initial obstacle is the upper boundary of the descending channel, close to the nine-day Exponential Moving Average around 0.6006, followed by the 14-day EMA at 0.6033. A sustained move above these EMAs could shift the NZD/USD pair to a short-term bullish stance, potentially aiming for the psychological level of 0.6100.

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 Swiss Franc.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.00%	0.07%	-0.02%	0.02%	0.06%	0.00%	-0.08%
EUR	0.00%		0.08%	0.00%	0.03%	0.06%	0.01%	-0.07%
GBP	-0.07%	-0.08%		-0.08%	-0.06%	-0.02%	-0.07%	-0.13%
JPY	0.02%	0.00%	0.08%		0.03%	0.07%	0.00%	-0.06%
CAD	-0.02%	-0.03%	0.06%	-0.03%		0.03%	-0.01%	-0.08%
AUD	-0.06%	-0.06%	0.02%	-0.07%	-0.03%		-0.04%	-0.13%
NZD	-0.01%	-0.01%	0.07%	-0.01%	0.01%	0.04%		-0.07%
CHF	0.08%	0.07%	0.13%	0.06%	0.08%	0.13%	0.07%

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.

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