NZD/USD depreciates toward the oversold region around the lower boundary of the descending channel at 0.5810 level.
The nine-day EMA remains below the 14-day EMA, signaling continued weakness in short-term price momentum.
The immediate resistance appears at the nine-day EMA at the level of 0.5875, followed by the descending channel’s lower boundary.
The NZD/USD pair continues its losing streak for the fourth consecutive day, trading near 0.5840 during European hours on Monday. An analysis of the daily chart indicates a strengthening bearish trend, as the pair remains confined within a descending channel pattern.
The nine-day Exponential Moving Average (EMA) stays below the 14-day EMA, indicating sustained weakness in short-term price momentum. Additionally, the 14-day Relative Strength Index (RSI) hovers just above the 30 mark, underscoring bearish sentiment. A drop below 30 would signal oversold conditions, potentially setting the stage for a corrective rebound.
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