• NZD/USD picks up from 10-week lows, at 0.5750, despite the risk-averse mood.
• The Kiwi lost nearly 1.6% over the last three days, with the USD boosted by geopolitical woes.
• Trendline resistance at 0.5775 and session high, at 0.5780, are holding NZD bulls for now.

The New Zealand Dollar (NZD) maintains its bearish trend against the US Dollar (USD) intact. The pair, however, is showing a milder positive tone on Friday, and appreciates to levels around 0.5770 at the time of writing, after hitting multi-week lows below 0.5750, with technical indicators suggesting the possibility of a bullish correction.

The pair dropped about 1.6% over the previous three days and is on track for a 0.85% weekly decline. The risk-sensitive kiwi has been one of the worst-performing currencies as the consequences of the war between the US and Iran have boosted support for the safe-haven USD.

Technical Analysis

Technical indicators in the hourly chart, however, show incipient signs of a potential correction. The near-term bias remains bearish, but the Relative Strength Index (RSI) has picked up to near 45 after recovering from oversold territory, which hints at fading selling pressure. The Moving Average Convergence Divergence (MACD) line fluctuates close to the signal and around the zero line, with a marginal positive tilt in the latest bars that suggests a modest recovery momentum

Bulls remain capped below the confluence of the trendline resistance from March 23 highs, now, at 0.5775 and the 0.5780 intra-day high. A clear break of these levels is likely to ease bearish pressure and shift bulls' focus towards the 38.2% Fibonacci retracement of the latest downswing, at 0.5800.

On the downside, bears remain contained above the session low, at the 0.5760 area for now, ahead of Thursday's low, at the 0.5750 area. Further down, the channel's bottom, now around 0.5720, emerges as a plausible target.

(The technical analysis of this story was written with the help of an AI tool.)