NZD/USD Price Forecast: Tests descending channel’s upper boundary above 0.5950
NZD/USD tests the upper boundary of the descending channel near the nine-day EMA at 0.5980 level.
The 14-day RSI remains below the 50 level; a further decline toward the 30 mark would strengthen bearish bias.
The pair may depreciate toward the lower boundary of the descending channel at 0.5880 level.
The NZD/USD pair remains subdued for the second consecutive day, trading around 0.5960 during European hours on Monday. Analysis of the daily chart highlights a strong bearish bias, as the pair remains within a descending channel pattern.
The 14-day Relative Strength Index (RSI), a key momentum indicator, stays below the 50 level, indicating sustained bearish momentum. A further dip toward the 30 level would intensify this downward trend for the NZD/USD pair.
Additionally, the nine-day Exponential Moving Average (EMA) remains below the 14-day EMA, signaling continued weakness in short-term price momentum for the NZD/USD pair.
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