NZDUSD is showing mild recovery near 0.5767, rebounding from its descending channel support. The bounce came after multiple rejections below 0.57, hinting at short-term exhaustion from sellers. However, the recovery remains capped beneath 0.5820, where the 50-day moving average and channel resistance converge.
On the daily chart, momentum has improved slightly, but structure favors a continuation of the broader downtrend unless price breaks and holds above 0.5990–0.6100. Support zones rest at 0.5730, followed by 0.5690 both key levels that could trigger another leg lower if broken.
From a weekly perspective, NZDUSD remains well below its long-term descending trendline stretching from 2021, reaffirming a dominant bearish bias. The recent bounce looks corrective, not reversal-driven.
Key Levels:
Resistance: 0.5820, 0.5990, 0.6100
Support: 0.5730, 0.5690, 0.5530
My takeaway:
NZDUSD is recovering but still under bearish control. Until price reclaims 0.5990, rallies are likely to be sold into rather than sustained.