The NZD/USD pair continues its decline for the second consecutive day, trading near 0.5640 during European hours on Thursday. Technical analysis of the daily chart indicates a bearish market sentiment, with the pair remaining within a descending channel pattern.
The 14-day Relative Strength Index (RSI) stays below the 50 mark, reinforcing the bearish outlook. Additionally, the NZD/USD pair remains under the nine-day Exponential Moving Average (EMA), signaling weak short-term momentum.
On the downside, the NZD/USD pair could explore the support region around the psychological level of 0.5600. A decisive break below this level could drive the pair toward 0.5516, its lowest point since October 2022, recorded on February 3. Further support lies near the lower boundary of the descending channel at 0.5450.
To the upside, the NZD/USD pair's immediate resistance is at the nine-day EMA of 0.5650, followed by the descending channel’s lower boundary at 0.5670. A breakout above this critical resistance zone could ease the bearish bias, potentially pushing the pair toward its nine-week high of 0.5794, reached on January 24.
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 Swiss Franc.
USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
---|---|---|---|---|---|---|---|---|
USD | -0.24% | -0.28% | -0.32% | 0.08% | 0.25% | 0.12% | -0.65% | |
EUR | 0.24% | -0.04% | -0.06% | 0.32% | 0.47% | 0.37% | -0.41% | |
GBP | 0.28% | 0.04% | -0.06% | 0.37% | 0.53% | 0.41% | -0.37% | |
JPY | 0.32% | 0.06% | 0.06% | 0.40% | 0.57% | 0.40% | -0.33% | |
CAD | -0.08% | -0.32% | -0.37% | -0.40% | 0.18% | 0.05% | -0.74% | |
AUD | -0.25% | -0.47% | -0.53% | -0.57% | -0.18% | -0.12% | -0.90% | |
NZD | -0.12% | -0.37% | -0.41% | -0.40% | -0.05% | 0.12% | -0.78% | |
CHF | 0.65% | 0.41% | 0.37% | 0.33% | 0.74% | 0.90% | 0.78% |
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).
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