NZD/USD Price Analysis: Bears continue in command as pair resumes losses
|- NZD/USD declined on Thursday by 0.26% to 0.5865.
- Pair resumes losses and hovers near lows since April as bears take control.
- Bears may face a period of consolidation as indicators near oversold levels, suggesting potential sideways movement.
The NZD/USD pair declined by 0.26% to 0.5865 on Thursday, continuing its downward trend. The pair has resumed its losses and is currently trading near lows not seen since April, as bears maintain control.
The pair's downward trajectory is supported by the Relative Strength Index (RSI), which is situated in the negative territory below 37 and exhibiting a slight downward slope. This indicates an increase in selling pressure. The Moving Average Convergence Divergence (MACD) echoes this assessment, as its histogram remains flat and red, despite some early hints of a shift in direction today. This suggests that selling pressure is rising. At present, the 0.5850 level serves as a crucial support zone. If NZD/USD falls below it, it may face further declines towards the 0.5800 level. Conversely, if the pair can regain upward momentum, it will encounter resistance at 0.5900, with a breakout above this level opening up the possibility of a rally towards 0.6000.
NZD/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.