The NZD/USD currency pair has opened with slight gains today, reaching the critical resistance level at 0.5900. However, the pair is also showing negative signals on the stochastic oscillator. This could potentially prompt the price to resume its anticipated bearish trend in the near term. The next downside targets for the pair are expected to be around 0.5820 and 0.5750.
It is crucial for the bearish outlook to persist that the price remains below the 0.5900 resistance level. A breach of this level, on the other hand, could signal the initiation of an intraday bullish phase, with initial targets around the 0.6020 region.
Traders should consider a trading range for today, with support at 0.5820 and resistance at 0.5920.
In summary, the expected trend for today is bearish for NZD/USD, contingent upon maintaining resistance at 0.5900, and with downside targets at 0.5820 and 0.5750.