The NZDUSD currency pair faced strong bearish sentiment in yesterday’s trading session, particularly after breaching the 0.6020 support level. This drop led the pair to test the key level of 0.5900. The prevailing outlook suggests that the bearish bias could persist, potentially pushing below this level and targeting further downside objectives around 0.5840.
It’s important to note that if the exchange rate manages to consolidate above 0.5900, it could alleviate the current downward pressure, prompting potential recovery attempts that may target the 0.6020 area initially.
For today’s trading, the expected range is anticipated to fluctuate between support at 0.5860 and resistance at 0.5960. As for the overall trend, the prevailing sentiment is bearish.