NZD/USD dropped on Friday, settling at 0.5760 after briefly rising to 0.5850 earlier in the session. The pair remains capped by the 20-day Simple Moving Average (SMA), with any upward moves hindered by persistent selling pressure.
Technical indicators signal a continued bearish trend. The Relative Strength Index (RSI) sits near 34, approaching oversold levels, while still pointing downward, indicating sustained weakness. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram is showing rising red bars, reinforcing the intensifying bearish momentum.
The immediate support for NZD/USD is around the 0.5750 level, followed by the key psychological level at 0.5700 if the selling pressure continues. To shift the current bearish outlook, the pair would need to break decisively above the 20-day SMA, currently near 0.5890, allowing bulls a potential opportunity to regain control.
NZD/USD daily chart
Leave a Reply