The NZD/USD currency pair extended its losing streak for the third consecutive day, trading around 0.5780 during European hours on Thursday, marking a slip below the 0.5800 level and approaching two-month lows. Technical analysis indicates a bearish bias, with the pair consolidating within a descending channel pattern and remaining capped below the nine-day Exponential Moving Average (EMA), which reinforces downside pressure. The 50-day EMA has flattened and failed to attract follow-through buying, highlighting fading bullish momentum. The 14-day Relative Strength Index (RSI) is near 39, staying below the 50 midline, confirming persistent selling pressure rather than oversold exhaustion [1].
The NZD/USD pair may find initial support at the two-month low of 0.5762, recorded on March 23. A break below this level could push the pair toward the lower boundary of the descending channel around 0.5660. On the upside, immediate resistance lies at the nine-day EMA of 0.5832, followed by the upper descending channel boundary at 0.5860 and the medium-term average at 0.5885. Further advances above this confluence resistance zone could shift the bias to bullish and lead the pair toward the monthly high of 0.5996, reached on March 2 [1].
According to the latest currency heat map, the New Zealand Dollar was the weakest against the Euro among major currencies today. The NZD declined by -0.35% against both the USD and EUR, and also posted losses against GBP (-0.23%), JPY (-0.32%), CAD (-0.17%), AUD (-0.21%), and CHF (-0.31%) [1].
No forward-looking statements or analyst opinions were provided in the article. The technical analysis was conducted with the assistance of an AI tool [1].
CONCLUSION
NZD/USD continues to face significant downside pressure, trading near two-month lows with technical indicators reinforcing a bearish outlook. The New Zealand Dollar's broad weakness against major currencies suggests ongoing market caution. Traders will be watching for a break below key support levels, which could trigger further declines.