NZDUSD declines, bearish trend persists

The New Zealand dollar (NZD) is facing challenges against the US dollar (USD) as selling pressure increases. This follows an unsuccessful attempt to reach a critical price level of 0.5844 earlier this week. The failure to rise above this level, combined with a drop below important moving averages, indicates that sellers are gaining control. The week’s peak did not reach the key retracement level, signaling weakness for buyers. After initially rising above last week’s highs, the NZDUSD was unable to maintain those gains, which led to more selling activity. Additionally, the exchange rate is now below the 100-day moving average set at 0.57425, which is considered bearish. Looking ahead, the next targets for decline are the 100-bar and 200-bar moving averages on the 4-hour chart. These levels may attract buyers looking for an entry point, especially since the 200-bar moving average provided strong support last week, helping to halt further declines. The outlook for the NZDUSD remains bearish as long as it stays below the 100-day moving average. If the price rises again, important resistance levels are at 0.5771 and 0.5817. The current technical analysis suggests sellers will likely continue to dominate, but lower moving averages could offer temporary support for buyers.