NZD/USD Price Forecast: Kiwi breaks 0.5800 as bears take control
The Kiwi Dollar fails to clear a confluence of key Simple Moving Averages (SMAs) and dives below 0.5800, printing a near two-month low of 0.5797. At the time of writing, NZD/USD is down 0.65% and poised to test lower levels if it closes below 0.58.
The New Zealand Dollar (NZD) has slipped below 0.5800, marking a near two-month low at 0.5797. This decline follows the loss of key Simple Moving Averages (SMAs) at 0.5854, 0.5850, and 0.5842. The bearish momentum gained further strength due to expectations of a Federal Reserve rate hike, bolstering the US Dollar. The Relative Strength Index (RSI) turned bearish, hinting at more downside.
If NZD/USD falls below 0.5800, the following support levels include the July 29 low of 0.5761 and the psychological level of 0.5750, before potentially reaching the July 3 high at 0.5658. Should buyers intervene and push NZD/USD above 0.5855, the next resistance level to watch is 0.5900, followed by 0.6000 and the February 18 swing high of 0.6054. Currently, the NZD is outperforming the Australian Dollar.
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