The New Zealand Dollar trades softer on the day. The NZD/USD pair maintains a negative outlook on the daily timeframe as the pair holds below the key 100-day Exponential Moving Average (EMA) and the tested descending trendline. Additionally, the 14-day Relative Strength Index (RSI) points lower below the 50-midline, supporting a continuation of the downtrend.
The significant resistance level to watch is near 0.6050, the key 100-day EMA and the descending trendline. Sustained upside momentum past this level could lift the pair all the way up to 0.6070, the upper boundary of the Bollinger Band. The next hurdle is located at 0.6154, the high of July 8.
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