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The New Zealand Dollar (NZD) halted its rally and turned negative, poised to finish 0.49% down in the week, after failing to clear key resistance levels, which paved the way for a drop towards the weekly lows near 0.5900. NZD/USD trades at 0.5923, down 0.09%.

NZD/USD Price Forecast: Technical outlook

From a daily chart perspective, the pair trades sideways to downward biased after NZD/USD faced key resistance at 0.5994, with traders lacking the strength to reclaim the 0.60 handle. On its way south, the pair cleared the 50 and 100-day SMAs, each at 0.5952 and 0.5944, respectively, which turned key resistance levels at the time of writing.

The Relative Strength Index (RSI) turned bearish two days ago. This means that sellers are in charge in the near-term.

For a bearish continuation, the first support would be 0.5900. A breach of the latter will expose the August 5 low of 0.5881, before testing the current month’s low of 0.5856. Conversely, the pair could shift upwards if traders reclaim 0.5952 and the 0.6000 figure.

NZD/USD Price Chart – Daily

(Click on image to enlarge)

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