The NZDUSD exchange rate, currently at 0.59141, continues to stay at a low point for the year and has experienced a decline for ten consecutive days. The viewpoint of @nehcap is that there is anticipated to be a continued decrease in value.

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• NZD/USD remains depressed at YTD low, down for 10 consecutive days.

The pair currently trades last at 0.59141.

The previous day high was 0.5948 while the previous day low was 0.5908. The daily 38.2% Fib levels comes at 0.5923, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.5933, expected to provide resistance.

NZD/USD bears keep the reins despite showing resilience around 0.5920 heading into Monday’s European session. In doing so, the Kiwi pair drops for the tenth consecutive day amid the cautious mood ahead of this week’s top-tier data/events.

Also read: NZD/USD extends the downside to the vicinity of 0.5900

That said, a three-day-long pennant formation at the Year-To-Date (YTD) low, currently between 0.5910 and 0.5940, restricts immediate downside of the quote.

Adding strength to the upside filter is the 100-Hour Moving Average (HMA) level of around 0.5945.

It’s worth noting that the 200-HMA and a fortnight-old descending trend line, respectively near 0.5985 and 0.6025 restrict short-term upside of the NZD/USD pair.

Following that, the monthly high of around 0.6135 will be in the stoplight.

On the contrary, NZD/USD bears need a clear downside break of 0.5910, as well as the sustained downside past 0.5900, to keep the reins.

In that case, the early October 2022 peak of around 0.5815 could lure the Kiwi pair sellers before directing the downside towards the previous yearly low of near 0.5510.

Overall, NZD/USD is likely to remain bearish but the downside needs a pause before the next leg towards the south. The same highlights this week’s US PMIs, Durable Goods Orders and Jackson Hole Symposium, not to forget China news, as the key catalysts.

Trend: Further downside expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.5918 at the time of writing. Pair opened at 0.5922 and is trading with a change of -0.07% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6076, 50 SMA 0.615, 100 SMA @ 0.6169 and 200 SMA @ 0.6232.

The previous day high was 0.5948 while the previous day low was 0.5908. The daily 38.2% Fib levels comes at 0.5923, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.5933, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.5904, 0.5886, 0.5864
• Pivot resistance is noted at 0.5944, 0.5966, 0.5984

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