The NZD/USD pair has been on a consistent bearish trend, with losses deepening near the 0.5900 mark. Over the last five trading sessions, the pair has lost almost 2.5%, indicating a strong downward trajectory.
In Wednesday’s session, the NZD/USD continued its decline, dropping by 0.55% and stabilizing around 0.5925. The bears have pushed the pair below the key 0.5900 level, reaching May lows of 0.5880. This sustained bearish sentiment is evident in the five-day losing streak.
Technical indicators support this bearish trend, with the RSI in oversold territory at 27 and the MACD showing rising red bars. Despite this, the RSI approaching highly oversold levels suggests a potential correction may be on the horizon.
NZD/USD Daily Chart Analysis
On the daily chart, strong support is currently at 0.5900, with further support at 0.5880. Resistance levels are at 0.6000 and 0.6050.
Expert Analysis and Conclusion
The NZD/USD pair is facing significant downward pressure, with key support levels breached and technical indicators signaling a bearish trend. Traders should monitor the RSI for a potential correction, but overall, the outlook remains bearish. It is advisable to exercise caution and consider risk management strategies in trading decisions.