NZD/USD remains under heavy selling pressure as the pair continues to trade below both its 50-day and 200-day moving averages, a clear sign that bears still have control.
The market has been consistently printing lower highs and lower lows, staying within a broader downtrend channel that’s been intact since early 2024.
Right now, price is hovering around the 0.5650–0.5630 zone, a short-term support area that coincides with historical price reactions.
A clean break below this zone could open the path toward 0.5590, followed by 0.5552 and 0.5490, where previous demand reappeared earlier this year.
On the flip side, if NZD/USD manages to bounce from these levels, watch for resistance around 0.5790–0.5880. This region lines up with the moving averages, which often act as dynamic barriers during corrective rallies within bearish markets.
Zooming out to the weekly chart, the long-term structure remains bearish. The pair continues to respect a descending trendline that stretches back to mid-2021. Until that line breaks and price holds above 0.6060, it’s hard to call for any meaningful trend reversal.
Key Levels I’m Looking:
Resistance: 0.5790, 0.5880, 0.6063
Support: 0.5627, 0.5591, 0.5552, 0.5490
My Takeaway:
NZD/USD remains bearish both technically and structurally. Sellers are likely to stay in control while price trades below 0.5880. Watch how price reacts around 0.5627, holding above may trigger a minor bounce, but losing it exposes the pair to new yearly lows.