As the world’s top investment manager and financial market journalist, I am here to provide you with the latest insights on the NZD/USD currency pair. In Friday’s session, the NZD/USD saw a slight rebound to 0.5890 after a six-day losing streak that resulted in a significant bearish turnaround. Despite this small bounce, the overall outlook remains bearish, with the pair losing over 4% in July.
The technical indicators paint a clear bearish picture, with the RSI at 24 in oversold territory and the MACD showing flat red bars. However, as the RSI descends further into oversold territory, there may be a potential for a corrective bounce in the near future.
Key Levels to Watch
On the daily chart, strong support is seen at 0.5880 and May lows around 0.5850, with resistance at 0.6000 and 0.6050. The 0.5850 level is the last barrier against further downside movement.
Expert Analysis
Overall, the NZD/USD remains under a clear bearish influence, with potential for a corrective bounce in the near future. Traders should keep a close eye on key support and resistance levels to gauge the currency pair’s next move.