NZD/USD weakness persists below 0.5950 amid downward channel pressure
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The NZD/USD pair continues to exhibit bearish momentum, holding below the 0.5950 mark as it navigates within a descending channel. Technical indicators, including the nine-day and 14-day EMAs, signal sustained downward pressure. Should support at 0.5900 break, further downside toward 0.5860 and beyond is possible. Conversely, overcoming resistance at the nine-day EMA could shift momentum, eyeing a potential test at the 0.6100 level if bullish conditions emerge.
NZD/USD Forecast: Persistent Bearish Momentum Keeps Pair Below 0.5950
The NZD/USD pair is trading near 0.5920 in European hours, hovering within a strong descending channel that has shaped recent price action. The technical outlook remains bearish, evidenced by the nine-day EMA remaining below the 14-day EMA, reinforcing short-term negative sentiment. The 14-day Relative Strength Index (RSI) also sits below 50, and a further slide toward the 30 mark could solidify the downward momentum.
Support and Resistance Levels Key to Short-Term Direction
In terms of support, NZD/USD may find a psychological level at 0.5900, where a decisive move lower could activate additional selling pressure toward 0.5860, the channel’s lower boundary, and potentially toward 0.5850. Resistance lies at the nine-day EMA at 0.5961, followed by the 14-day EMA at 0.5977. A breakout above this zone could shift sentiment, with a potential advance toward the psychological resistance level at 0.6100.
In this context, short-term strategies may focus on monitoring momentum shifts around these critical support and resistance zones, as any sustained break could influence the pair’s broader trajectory.
NZD/USD Forecast: Persistent Bearish Momentum Keeps Pair Below 0.5950
The NZD/USD pair is trading near 0.5920 in European hours, hovering within a strong descending channel that has shaped recent price action. The technical outlook remains bearish, evidenced by the nine-day EMA remaining below the 14-day EMA, reinforcing short-term negative sentiment. The 14-day Relative Strength Index (RSI) also sits below 50, and a further slide toward the 30 mark could solidify the downward momentum.
Support and Resistance Levels Key to Short-Term Direction
In terms of support, NZD/USD may find a psychological level at 0.5900, where a decisive move lower could activate additional selling pressure toward 0.5860, the channel’s lower boundary, and potentially toward 0.5850. Resistance lies at the nine-day EMA at 0.5961, followed by the 14-day EMA at 0.5977. A breakout above this zone could shift sentiment, with a potential advance toward the psychological resistance level at 0.6100.
In this context, short-term strategies may focus on monitoring momentum shifts around these critical support and resistance zones, as any sustained break could influence the pair’s broader trajectory.