The currency pair extends a four-day losing streak as technical indicators signal persistent downside pressure near multi-week lows.
NZD/USD fell to near 0.5850 in European trading Thursday, extending losses for a fourth consecutive session. The pair remains below short- and medium-term exponential moving averages, reinforcing a mild bearish bias as overhead resistance limits rallies.
The 14-day Relative Strength Index hovers just below 50, indicating soft momentum but no strong oversold conditions. Support is seen at the lower boundary of a rectangle pattern around 0.5810, followed by the April 13 low of 0.5794. A break below could target the April 6 six-month low of 0.5681.
Upside resistance lies at the 50-day EMA of 0.5884, with further hurdles at 0.5896 and the upper rectangle boundary near 0.5990.