The New Zealand Dollar versus the US Dollar (NZD/USD) fell in its recent intraday trading, breaking out of an ascending price channel that had previously bounded its short-term trading, thereby signaling the continuation of that bearish corrective wave, especially with the negative pressure from the 50-period simple moving average and the influx of negative signals from the Relative Strength Index, after the pair succeeded in offloading its oversold condition.

 

Accordingly, our forecast indicates further declines in the NZD/USD price in its upcoming intraday trading, as long as the resistance at 0.5765 holds, targeting the key support level at 0.5690.