On Monday's session, the NZD/USD declined by 0.40% to 0.5930, extending its rangebound trading pattern.
Consolidation persists within the 0.5900-0.6000 range, with neutral technical indicators. Bearish momentum remains intact, favoring further declines, but a break above 0.6000 could shift sentiment. Volume remains average, with key support and resistance levels inching closer. On Monday's session, the NZD/USD declined by 0.40% to 0.5930, extending its rangebound trading pattern. On the bright side, bulls managed to clear losses which saw the pair diving below 0.5900 earlier in the session.
The Moving Average Convergence Divergence continues to trend lower, suggesting that bearish momentum remains intact. In addition, the pairis currently facing support at 0.5910, a break below which could expose the next support level at 0.5890. On the upside, resistance is found at 0.5980, and a breakout above this level could signal a potential reversal in the trend. The overall technical outlook for the NZD/USD remains neutral to bearish.
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