NZD/USD Intraday Signal: Downside Prevails Below 0.5794
Analysis:
NZD/USD maintains a bearish intraday structure as long as price remains capped below the pivot resistance at 0.5794. Sellers are in control, targeting 0.5760 initially and the key downside objective at 0.5741. Price action continues to form lower highs beneath resistance, confirming persistent downside pressure.
Momentum indicators strongly support the bearish scenario. The RSI trades below its neutral 50 level, while the MACD is below its signal line and negative, confirming a negative configuration. Additionally, price remains below both the 20- and 50-period moving averages, reinforcing the validity of the bearish trend and increasing the probability of continuation toward lower levels.
Alternatively, a break above 0.5794 would weaken the bearish outlook and expose upside levels at 0.5813 and 0.5824.
Trade Setup:
Enter: Short below 0.5794
Stop-Loss (SL): 0.5813
Target A: 0.5760
Target B: 0.5741
