NZD/USD Price Forecast: Remains tepid near 0.6050, two-month lows

• NZD/USD could test the immediate support around a two-month low at 0.6039 level.
• The daily-chart analysis suggests the short-term market bias is bearish for the pair.
• A break above the immediate resistance at the nine-day and 50-day EMAs could trigger a shift toward a bullish bias.

The NZD/USD loses ground after two days of gains, trading around 0.6060 during Monday’s European hours. The analysis of the daily chart shows that the pair remains below the nine-day Exponential Moving Average (EMA), which suggests the short-term market bias is bearish.

Additionally, the 14-day Relative Strength Index (RSI) consolidates below the 30 level, reinforcing the current bearish sentiment. Furthermore, the nine-day Exponential Moving Average (EMA) remains below the 50-day EMA, highlighting weakness in the short-term price trend for the pair.

On the downside, the NZD/USD pair tests immediate support around a two-month low at 0.6039 level, which was recorded on October 16, followed by the psychological level of 0.6000. A break below this level could exert downward pressure on the pair to re-test the area around the "pullback support" near the 0.5850 level.

In terms of resistance, the immediate resistance appears at the nine-day Exponential Moving Average (EMA) around the level of 0.6089, followed by the 50-day EMA at 0.6146 level. A break above the latter could cause the emergence of the short-term bullish bias, potentially allowing the NZD/USD pair to target the psychological level of 0.6200.

NZD/USD: Daily Chart