NZD/USD Price Forecast: Bears break 0.5800 as Kiwi slide deepens
The New Zealand Dollar (NZD) tumbles against the US Dollar (USD) on Tuesday for the second straight day this week, down 0.37% as risk appetite sours, with AI company CEOs expressing concerns about the rapid pace of evolution and as high energy prices push markets to expect further tightening by the
The New Zealand Dollar (NZD) continued its downward trend against the US Dollar (USD) on Tuesday, sliding to a two-month low of 0.5750. The bears have broken the critical 0.5800 level, paving the way for further decline. Risk aversion, concerns over the pace of AI and high energy prices, and expectations of further tightening by the Federal Reserve (Fed) have all contributed to the bearish sentiment.
The Relative Strength Index (RSI) indicates that the downside momentum is gaining strength, with the first key support found at 0.5750. Bullish reversal would require the NZD to reclaim the 0.5800 mark and challenge the confluence of daily SMAs around 0.5839-0.5855. The US Dollar is experiencing support from high yields, oil-prices, and inflation risks, while a hawkish Federal Reserve could further strengthen the USD.
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