- NZD/USD fell 0.23% on Tuesday, falling to 0.5830.
- The pair extended its decline and racked up a five-day losing streak, hitting a new low below 0.5800, its lowest level in over a year.
- Indicators warn of oversold conditions, which could push the pair somewhat higher.
NZD/USD fell 0.23% to 0.5830 in Tuesday’s session, marking its fifth consecutive day in the red. This drop led the pair to set a new low below 0.5800, its lowest level in over a year, with indicators reflecting intense bearish momentum.
Technical analysis reveals a bearish outlook for the NZD/USD pair. Key indicators show increasing selling pressure, accentuating the bearish outlook. The Relative Strength Index (RSI), which is in negative territory at 36, indicates the current selling sentiment. Similarly, the MACD reinforces this bearish sentiment with its histogram turning red and climbing.
Even though indicators suggest oversold conditions that could indicate a possible temporary rally, the bears still dominate the pair’s trajectory. Therefore, a break below 0.5830 could compound the losses. Support levels to watch out for are 0.5800, 0.5750 and 0.5730, while resistance lies at 0.5900, 0.5930 and 0.5950.
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.
