• The NZD/USD pair is slowly falling below the 0.6070 level, marking its worst week since January.
• The pair closed at 0.6010, which means a weekly loss of 1.80%.
• The NZD/USD pair remains below the key 20-, 100- and 200-day moving averages (SMAs), indicating a continuing downtrend.

The NZD/USD pair continued its downtrend in Friday’s session, losing 0.65% to reach the 0.6010 level. The pair’s failure to reclaim the 0.6070 level resulted in a drop to the crucial 0.6000 line, effectively ending its worst week since the start of the year with a weekly loss of around 1.80%.

Daily technical indicators are also reflecting this bearish trend. The Relative Strength Index (RSI) fell further to 36, signaling continued selling pressure. Moreover, the Moving Average Convergence Divergence (MACD) indicator continues to print rising red bars, confirming the rising bearish sentiment.

NZD/USD Daily Chart

Resistance is currently seen at the previous support level of 0.6070 and then around 0.6100. On the other hand, powerful support is currently seen at the unsafe 0.6000 line, below which the range of 0.6450-0.6470 is apparent. If the bearish slope continues and leads to a further decline below these levels, it would strengthen the bearish narrative.