- NZD/USD rises to 0.5560 on Monday, briefly rising from its lowest levels since October 2022.
- The RSI sits at 31 and is declining slightly, suggesting that oversold conditions persist.
The NZD/USD pair attempted a small rebound on Monday, rising to around 0.5560 and offering a temporary respite from its recent sharp decline. Despite this rally, the pair continues to hover around multi-year lows, reflecting the overall negative sentiment that has dominated trading for several sessions.
Technically, the Relative Strength Index (RSI) is positioned at 31 and is showing signs of further deterioration, indicating that the bearish forces still have the upper hand. Meanwhile, the Moving Average Convergence/Divergence (MACD) histogram is losing momentum in the green zone, reinforcing the notion that buyers may lack the strength for a sustainable recovery.
Looking ahead, the inability to extend beyond 0.5600 could see sellers regain traction, potentially leading the pair towards the 0.5530 support region. On the other hand, recovering and consolidating above 0.5600 could provide a glimmer of hope for the bulls, setting their sights on 0.5650 as the next resistance hurdle to overcome.
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.
