Continued Pressure on NZD/USD Following a Brief Seller Respite
Technical Outlook
The NZD/USD pair has resumed its downtrend following a brief consolidation phase. Sellers have aggressively pushed the pair toward the most recent low at 0.58217. A confirmed break below this level could open the door for further declines, with immediate support targets at 0.58177, 0.58126, and the psychological threshold of 0.58070.
The Bollinger Bands exhibit a pronounced downward slope, signaling heightened bearish volatility. Additionally, the moving averages are aligned in a bearish crossover, reinforcing the dominance of sellers in the current market structure.
Alternative Scenario
To counter this bearish outlook, buyers would need to reclaim the immediate resistance at 0.58364.
Key Events to Watch
Market participants are closely monitoring US economic data, including non-farm productivity and unit labor costs, as well as a long-term Treasury bond auction. These reports are expected to influence USD strength, potentially impacting NZD/USD volatility further.
The NZD/USD pair has resumed its downtrend following a brief consolidation phase. Sellers have aggressively pushed the pair toward the most recent low at 0.58217. A confirmed break below this level could open the door for further declines, with immediate support targets at 0.58177, 0.58126, and the psychological threshold of 0.58070.
The Bollinger Bands exhibit a pronounced downward slope, signaling heightened bearish volatility. Additionally, the moving averages are aligned in a bearish crossover, reinforcing the dominance of sellers in the current market structure.
Alternative Scenario
To counter this bearish outlook, buyers would need to reclaim the immediate resistance at 0.58364.
Key Events to Watch
Market participants are closely monitoring US economic data, including non-farm productivity and unit labor costs, as well as a long-term Treasury bond auction. These reports are expected to influence USD strength, potentially impacting NZD/USD volatility further.
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