- Consolidation persists within the 0.5900-0.6000 range, with neutral technical indicators.
- Bearish momentum remains intact, favoring further declines, but a break above 0.6000 could shift sentiment.
- Volume remains average, with key support and resistance levels inching closer.
On Monday’s trading session, the NZD/USD pair declined by 0.40% to 0.5930, maintaining its rangebound movement. Despite initial losses pushing the pair below 0.5900, bulls managed to recover during the session.
The daily chart analysis reveals that the Relative Strength Index (RSI) is around 40, indicating a lack of clear direction. The Moving Average Convergence Divergence (MACD) is still trending downwards, signaling ongoing bearish momentum. The pair currently faces support at 0.5910, with a potential break leading to the next support level at 0.5890. Resistance is seen at 0.5980, and a breakout above this level could indicate a trend reversal.
The overall technical outlook for the NZD/USD pair remains neutral to bearish. While consolidation persists, the bears have a slight edge. A decisive move may occur upon breaking below support or above resistance. Average volume and the proximity of key levels contribute to the neutral technical stance.
For a detailed visual analysis, refer to the NZD/USD daily chart below: