The NZD/USD currency pair has recently come under bearish pressure, breaching the critical support level at 0.5900 and attempting to maintain a position below it. A closer examination of the chart reveals the completion of a bearish flag pattern, as indicated by the presence of a minor bullish channel. This pattern suggests that the pair is poised to experience further downward pressure in upcoming sessions, with potential targets at 0.5800, followed by 0.5750.
Consequently, we anticipate observing negative price movements on an intraday basis unless the pair manages to breach the 0.5900 level and sustain a position above it once more.
For today, we expect the NZD/USD pair to trade within the boundaries of 0.5835 as support and 0.5935 as resistance, with an overall bearish trend expected to persist.