• NZD/USD tests the immediate support at the four-month low of 0.5699.
• The 14-day Relative Strength Index at 35 remains below midline, indicating weak momentum.
• The immediate resistance lies at the nine-day EMA near 0.5764.

NZD/USD depreciates nearly 0.8% after two days of gains, trading around 0.5710 during the European hours on Thursday. The technical analysis of the daily chart signals a persistent bearish bias as the pair remains within a descending channel pattern.

The near-term bias is mildly bearish as the NZD/USD pair trades beneath the nine-day Exponential Moving Average (EMA), and the 50-day EMA has slipped, reinforcing a downside tilt after the recent sequence of lower closes.

The 14-day Relative Strength Index (RSI) at 35 stays below the midline and tracks a downbeat momentum backdrop, suggesting sellers retain control unless price can reclaim the short-term average on a daily close.

The NZD/USD pair is testing the immediate support at the four-month low of 0.5699, recorded on March 31, with additional downside support located near the lower boundary of the descending channel around 0.5640. A sustained move below the channel may expose the pair to further losses toward the region of the 11-month low near 0.5580, which was last seen in November 2025.

On the upside, immediate resistance is seen at the nine-day EMA near 0.5764, followed by the upper boundary of the descending channel around 0.5820, along with the 50-day moving average at 0.5857. A decisive break above this confluence resistance zone would shift the bias toward the upside and potentially open the door for a move toward the monthly high of 0.5996, recorded on March 2.

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