- NZD/USD dips slightly to 0.5670 on Wednesday, staying within a narrow trading band.
- The RSI falls, showing a slight loss of momentum while remaining in positive territory.
The NZD/USD pair continued its range-bound behavior on Wednesday, marginally declining to 0.5670 after testing the upper boundary of its recent consolidation zone of 0.5540–0.5690. Although the pair has experienced bouts of volatility, it has yet to establish a definitive direction, leaving traders cautious about committing to either side.
Technical indicators reflect the current state of indecision of the pair. The Relative Strength Index (RSI) has softened slightly to 51, remaining in positive territory but pointing to a weakening of bullish enthusiasm. On the contrary, the MACD histogram remains favorable, with rising green bars signaling a possible shift towards bullish momentum if buyers can maintain their efforts.
To escape its current range, the pair would need to decisively break above the 0.5690 resistance, which could open the door for a move towards the 0.5730 level. On the other hand, a drop below 0.5540 could pave the way for further declines, with 0.5500 emerging as a key support level to watch.
NZD/USD daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
