NZD/USD Price Analysis: Bears take control, technical outlook points to more losses

  • NZD/USD fell 0.60% to 0.6125, extending its recent downtrend.
  • The RSI is in negative territory and declining, while the MACD histogram is in the red and rising.
  • A break below 0.6100 could open the door for a further decline towards 0.6000.

In Monday’s session, the NZD/USD pair extended its recent decline, down 0.60% to 0.6125. The pair has been in a downtrend lately, and today’s losses extend that trend. Technical indicators are also bearish, suggesting that selling pressure will likely continue.

The Relative Strength Index (RSI) is currently at 40, which is in negative territory and in sharp decline. This suggests that selling pressure is increasing and the bears are in control of the market. The MACD histogram is also in the red and rising, indicating a bearish outlook. As long as the RSI remains below 50 and the MACD histogram remains in the red, the technical outlook remains bearish for NZD/USD.

NZD/USD daily chart

The overall outlook for NZD/USD is bearish as the pair lost its 20-day SMA. On the positive side, sellers found a barrier at the 100-day SMA at 0.6120, which may mitigate short-term losses. That said, a break below this level could open the door for a further decline towards 0.6000.

Source: Fx Street

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