NZD/USD Intraday Signal: Downside Prevails Below 0.5796
Analysis:
NZD/USD continues to trade with a bearish intraday bias as long as price remains capped below the pivot resistance at 0.5796. Sellers dominate the short-term structure, targeting 0.5770 initially and the main downside objective at 0.5756. Repeated failures near resistance confirm sustained selling pressure.
Momentum indicators strongly support the bearish scenario. The RSI is below its neutral 50 level, while the MACD is below its signal line and negative, confirming a clearly negative configuration. In addition, price trades below both the 20- and 50-period moving averages, reinforcing downside continuation and limiting the likelihood of a bullish recovery in the near term.
Alternatively, a break above 0.5796 would weaken the bearish setup and open the path toward 0.5810 and 0.5818.
Trade Setup:
Enter: Short below 0.5796
Stop-Loss (SL): 0.5810
Target A: 0.5770
Target B: 0.5756