• NZD/USD pair may retest the initial support at the four-month low of 0.5699.
• The 14-day Relative Strength Index nears 34 signals ongoing selling pressure.
• Initial resistance stands at the nine-day EMA around 0.5777.

NZD/USD extends its losing streak for the sixth successive day, trading around 0.5710 during the European hours on Tuesday. The technical analysis of the daily chart signals a persistent bearish bias as the pair is moving downwards within a descending channel pattern.

The near-term bias is bearish as the NZD/USD pair holds well below the nine-day and 50-day Exponential Moving Averages (EMAs), which cap recovery attempts and confirm a declining short-term trend. The 14-day Relative Strength Index (RSI) sits near 34 and extends lower from mid-range, signaling persistent selling pressure rather than exhaustion and aligning with the ongoing sequence of lower closes from the 0.5900 region.

The NZD/USD pair may find its initial support at the four-month low of 0.5699, recorded on March 30, followed by the lower boundary of the descending channel around 0.5660. Further declines would lead the pair to navigate the region around the 11-month low of 0.5580, recorded in November 2025.

On the upside, the primary resistance appears at the nine-day EMA of 0.5777, followed by the upper descending channel boundary around 0.5840 and the medium-term average at 0.5870. A break above this confluence resistance zone would cause the emergence of the bullish bias and lead the NZD/USD pair to explore the region around the monthly high of 0.5996, reached on March 2.

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