The NZD/USD currency pair remains in a stable position below the 0.5900 level, reinforcing the continuation of a bearish trend for the day. This bearish sentiment is further supported by a clear decline in stochastic indicators, indicating a loss of positive momentum. As a result, the pair is anticipated to target the 0.5820 level, followed by the 0.5750 level, representing our next primary objectives. It is crucial to emphasize that the pair’s ability to remain below 0.5900 is crucial in achieving these targeted levels.
For today’s trading session, the anticipated trading range is expected to span from the support level at 0.5820 to the resistance level at 0.5920.
In summary, the NZD/USD pair has maintained its bearish stance, with a focus on lower price levels. The sustainability of this bearish trend hinges on the pair’s ability to stay below the critical 0.5900 level.