The NZDUSD currency pair is currently in the midst of testing the EMA50 (Exponential Moving Average 50), which has proven to be a resilient barrier for the price. This sets the stage for a potential bearish rebound that would signify a continuation of the primary bearish trend, with a subsequent downside target identified at 0.5750.
Of utmost significance in this scenario is the necessity for the price to maintain a position below the 0.5900 level. This condition is paramount for the expected decline to persist, as a breach of this level would signify a shift towards an upward trajectory and the initiation of a bullish phase. The subsequent primary target in such a scenario is established at 0.6020.
For today’s trading, the projected range spans between support at 0.5800 and resistance at 0.5900.
The prevailing outlook for the day leans towards a bearish sentiment, contingent upon the price’s ability to overcome the resistance of EMA50 and the pivotal 0.5900 level.