- NZD/USD experiences further losses, slipping to the 0.5875 mark.
- The 0.5880-0.5870 region continues to be a firm support.
- The daily RSI continues deep in oversold terrain, which hints at a looming correction.
In Monday's trading session, the NZD/USD pair slipped further down to 0.5875, tallying a 0.25% decline. This is in hand with a trailing bearish trend, which saw the pair shed more than 4% of its value in July. Traders were bombarded with selling signals last week, especially with the bearish crossover of the 20-day Simple Moving Average (SMA) at 0.6050 with the 100-day SMA but indicators now hint at a possible onset of a consolidation period.
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