Market news
24.12.2024, 09:02

NZD/USD Price Forecast: Hovers near 0.5650, dovish RSI reflects a growing bearish bias

  • NZD/USD hovers around the descending channel’s lower boundary, reflecting a growing bearish bias.
  • The bearish sentiment is being reinforced as the RSI maintains its position below the 30 mark.
  • The initial resistance appears around the nine-day EMA at the 0.5708 level.

The NZD/USD pair remains tepid for the second successive day, trading around 0.5650 during the European hours on Tuesday. The technical analysis of the daily chart indicates a growing bearish bias as the pair remains near the lower boundary of a descending channel.

The 14-day Relative Strength Index (RSI) remains below the 30 level, signaling oversold conditions that may prompt a corrective bounce. However, if the RSI continues to hover near the 30 mark, it could further strengthen bearish sentiment.

Additionally, the NZD/USD pair is trading below the nine- and 14-day Exponential Moving Averages (EMAs), reflecting weak short-term price momentum and suggesting that downward pressure is likely to persist.

Regarding its support, the NZD/USD hovers near the lower boundary of the descending channel at 0.5630 level, followed by the 26-month low of 0.5607 level, which was recorded on December 19. A decisive break below this critical region would reinforce the bearish sentiment and push the pair to navigate the area around its multi-year low at 0.5518 level, last seen in October 2022.

The NZD/USD pair may find initial resistance at the nine-day EMA at 0.5708 level, followed by the 14-day EMA at 0.5743 level. A break above this level could improve the short-term price momentum and support the pair to test the descending channel’s upper boundary at the 0.5800 level.

NZD/USD: Daily Chart

New Zealand Dollar PRICE Today

The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies today. New Zealand Dollar was the weakest against the Japanese Yen.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   0.10% 0.00% -0.06% 0.15% 0.13% 0.08% 0.15%
EUR -0.10%   -0.10% -0.16% 0.04% 0.02% -0.03% 0.05%
GBP -0.00% 0.10%   -0.06% 0.14% 0.12% 0.07% 0.14%
JPY 0.06% 0.16% 0.06%   0.23% 0.24% 0.16% 0.25%
CAD -0.15% -0.04% -0.14% -0.23%   -0.02% -0.07% -0.00%
AUD -0.13% -0.02% -0.12% -0.24% 0.02%   -0.05% 0.02%
NZD -0.08% 0.03% -0.07% -0.16% 0.07% 0.05%   0.07%
CHF -0.15% -0.05% -0.14% -0.25% 0.00% -0.02% -0.07%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the New Zealand Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent NZD (base)/USD (quote).

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location