The New Zealand Dollar (NZD) continued its downward trajectory against the US Dollar (USD), with the NZD/USD pair trading around 0.5650 during Asian hours on Friday, extending a losing streak that began on June 17 [1]. Technical analysis indicates the pair remains entrenched in a descending channel, reflecting a persistent bearish bias. The spot price is currently below both the nine-period Exponential Moving Average (EMA) at 0.5703 and the 50-period EMA at 0.5820, signaling ongoing downside pressure [1].
The 14-day Relative Strength Index (RSI) stands at 28, placing it in oversold territory, which suggests the recent decline may be stretched, though there is no clear sign of a recovery yet [1]. Key support levels are identified at the lower boundary of the descending channel around 0.5620 and the 14-month low of 0.5580, recorded in November 2025. A further drop below these levels could reinforce the bearish outlook and potentially lead the pair to test 0.5485, the lowest since March 2020 [1].
On the upside, the first resistance is seen at the nine-day EMA of 0.5703, followed by the upper boundary of the descending channel at 0.5760 and the 50-day EMA at 0.5819 [1].
In terms of broader currency performance, the New Zealand Dollar was the weakest against the Swiss Franc, declining by 0.19% on the day. Against the US Dollar, the NZD fell by 0.03%, and it also posted losses versus the Euro (-0.08%), British Pound (-0.13%), and Japanese Yen (-0.14%) [1].
CONCLUSION
The NZD/USD pair remains under strong bearish pressure, trading near multi-month lows and showing no immediate signs of recovery. Technical indicators and recent price action suggest further downside is possible unless key resistance levels are reclaimed. The New Zealand Dollar's broad weakness against major currencies underscores the prevailing negative sentiment.