NZD/USD may find initial support near the two-month low at 0.5762.
The 14-day Relative Strength Index near 39 signals ongoing selling pressure.
Immediate resistance stands at the nine-day EMA around 0.5832.
NZD/USD extends its losing streak for the third successive day, trading around 0.5780 during the European hours on Thursday. The technical analysis of the daily chart signals a bearish bias as the pair is consolidating within a descending channel pattern.
Additionally, the NZD/USD pair holds a mild bearish bias as price remains capped below the nine-day Exponential Moving Average (EMA), reinforcing downside pressure. The 50-day EMA flattens and has failed to attract follow-through buying, underscoring fading bullish momentum. The 14-day Relative Strength Index (RSI) near 39 stays below the 50 midline, confirming persistent selling pressure rather than oversold exhaustion.
The NZD/USD pair may find its initial support at the two-month low of 0.5762, recorded on March 23. A break below this level would put downward pressure on the pair to test the lower boundary of the descending channel around 0.5660.
On the upside, the immediate barrier lies at the nine-day EMA of 0.5832, followed by the upper descending channel boundary around 0.5860 and the medium-term average at 0.5885. Further advances above this confluence resistance zone would cause the emergence of the bullish bias and lead the NZD/USD pair to explore the region around the monthly high of 0.5996, reached on March 2.
NZD/USD: Daily Chart
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