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Tumbles to three-day losses, below the 50-DMA

November 8, 2023| Forex Market


  • NZD/USD hits a new three-day nadir at 0.5906, shedding 0.39% amid a broader downtrend and declining US Treasury yields.
  • The pair faces immediate support at the psychological 0.5900 level, with further downside risks towards the September low and critical trendline supports.
  • A recovery above the 50-day moving average could open the path for the Kiwi to challenge resistances at 0.5900 and potentially the 0.6000 handle.

NZD/USD dives to a three-day low of 0.5906 below the 50-day moving average (DMA) at 0.5913, despite the Greenback (USD) trading unchanged as shown by the US Dollar Index (DXY), while US Treasury bond yields drop for the second consecutive day. The pair exchanges hands at 0.5910, down 0.39%.

The downtrend portrayed in the NZD/USD daily chart suggests the pair would continue to print losses unless the fundamentals change. Next, support is at 0.5900 in the figure, followed by the  September 5 low at 0.5859, followed by an upslope support trendline at 0.5815/25, before slumping to the 0.5800 mark. A breach of the latter would expose the year-to-date (YTD) low of 0.5773.

On the other hand, if NZD/USD buyers reclaim the 50-DMA, they could remain hopeful of testing higher prices. Next resistance is seen at 0.5900, before rallying to the 0.6000 mark.

NZD/USD Price Analysis – Daily Chart

NZD/USD Technical Levels


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