NZD/USD Price Analysis: Pair moves lower to 0.5760 as selling pressure increases

• NZD/USD declines on Friday, settling around 0.5760 after paring earlier gains near 0.5850.
• The pair remains capped by the 20-day SMA, with bullish attempts thwarted by persistent selling pressure.
• The RSI sits near the oversold territory at 34, while the MACD histogram prints increasing red bars, indicating intensified bearish momentum.

The NZD/USD pair struggled on Friday, falling 0.14% to 0.5760 and failing to maintain gains that briefly took it towards the 0.5850 area. Persistent selling pressure and the inability to break above the 20-day SMA, currently near 0.5890, continue to weigh on the pair’s near-term outlook.

Technical indicators reinforce the bearish outlook. The Relative Strength Index (RSI) sits at 34, approaching oversold conditions, while still pointing lower and reflecting continued weakness. Meanwhile, the moving average convergence/divergence indicator (MACD) histogram now prints increasing red bars, signaling that the bearish momentum is intensifying, despite the pair’s recent recovery attempts.

With NZD/USD drifting lower, immediate support lies around the 0.5750 region, followed by the psychological level of 0.5700 if the selling persists. To the upside, a decisive break above the 20-day SMA would be required to negate the current bearish bias and offer bulls a chance to regain control.

NZD/USD daily chart