Kiwi Dips Below 0.5900, But 100-Day SMA Offers A Floor

The New Zealand dollar has weakened against its US counterpart, dipping below the 0.5900 mark. However, despite this decline, the pair continues to find support above its 100-day Simple Moving Average (SMA), a technical indicator that suggests the trend remains bullish.

According to the latest market data, the NZD/USD pair has retreated from recent highs due to a firmer US dollar and shifting risk sentiment. The price action has stalled at the 100-day SMA, which currently sits near 0.5850, indicating a possible buying opportunity for traders.

The Relative Strength Index (RSI) on the daily chart has dipped below its neutral 50 level, pointing to bearish momentum in the short term. However, the fact that the price has held above the 100-day SMA is a constructive sign for bulls.