Market Analysis: NZDUSD Maintains Bearish Momentum Amid Minor Bullish Retracements
The NZDUSD currency pair has followed a consistent bearish trajectory since reaching a notable high in early 2023. This downward trend extended through 2024 and remains dominant in the current market, with no significant indications of reversal. A brief bullish breakout occurred in mid-September 2024, but it failed to sustain, underscoring the continued strength of sellers.
NZDUSD Significant Zones
Resistance Levels: 0.62700, 0.60890
Support Levels: 0.58820, 0.56900 
In September, the price breached a long-standing bearish trendline resistance, prompting speculation about a potential market reversal. However, this bullish momentum was short-lived, and the pair quickly resumed its bearish movement. This swift reversal reaffirmed the dominance of sellers, with subsequent breaches of key demand levels further solidifying the downtrend.
Currently, the pair has decisively broken below the critical 0.58820 demand level. While a minor bullish pullback was anticipated after this breach, the retracement was minimal, and the price swiftly resumed its downward momentum.
Technical indicators reinforce the bearish outlook. The daily moving average highlights a robust downtrend, as the price continues to trade below this indicator. On the 4-hour chart, the bearish trendline remains unbroken, signaling consistent adherence to the broader downward trend.
Market Expectation
Looking ahead, the pair is projected to continue its decline, targeting the 0.56900 support level. Although minor pullbacks may occur during this movement, the prevailing trend is likely to remain bearish. Both the market structure and technical indicators, including forex signals, point towards sustained bearish momentum.
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