• The Kiwi begins a three-day losing streak and ends the week in the red, with the pair stabilizing at 0.6115.
• The outlook for NZD/USD continues to be bearish as bulls fail to maintain the uptrend.
• The key is to break the bearish trend, break above 0.6150, i.e. the 20-day SMA position.

On Friday, the NZD/USD pair extended its losing streak to three days. Despite an upward attempt that took the pair to a high of 0.6140, the bulls failed to return to the positive side and the pair stabilized at 0.6115. The failed attempt to maintain the gains reinforces the growing bearish sentiment towards the Kiwis. To clear the negative outlook, the currency pair needs to break above the 20-day plain moving average (SMA) located at 0.6150.

The relative strength index (RSI) for the NZD/USD pair on the daily chart is 49, which indicates a shift in dynamics towards greater bearishness. Despite this downward shift, the RSI remains near the neutral zone. Moreover, the Moving Average Convergence Divergence (MACD) continues to escalate its red bars, indicating increased seller presence in the market.

NZD/USD daily chart

The NZD/USD pair finds immediate support near the 0.6100 level. Below additional support is the 100-day SMA at 0.6070 and the 200-day SMA at 0.6060. These levels could provide a solid defense if the pair continues its decline. A break below the SMA convergence points may signal an intensifying sell-off scenario.

Conversely, the first resistance remains near the 20-day SMA level at 0.6150. Higher resistance levels are at 0.6170 and 0.6200. A decisive break above these levels could likely signal an end to the current market decline and begin to favor the bulls.