NZD/USD dropped to an 11-month low at 0.5773 on Thursday. However, the pair has retraced the daily losses during the European session, struggling to h
NZD/USD pulls back from a11-month low at 0.5773. The pair inclinestowardthe weaker sentiment suggested by the technical indicators. Nine-day EMA appears to be the barrier lined up with the 0.5850 psychological level. NZD/USD dropped to a11-month low at 0.5773 on Thursday. However, the pair has retraced the daily losses during the European session, struggling to halt a two-day losing streak.
A firm break above the level could contribute support for the NZD/USD pair to explore the next psychological region around 0.5900 level following the 23.6% Fibonacci retracement at 0.5920. On the downside, the region around the intraday low could act again as the immediate support followed by November’s low at 0.5740. Furthermore, the NZD/USD duo reveals a subdued momentum, with the 14-day Relative Strength Index showcasing a clear inclination towards weakness, dipping below the 50 level.
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