NZD/USD Price Forecast: Bears Remain in Control with 0.5800 Support Eyed

The New Zealand Dollar (NZD) has rebounded to around 0.5850 against the US Dollar (USD), but remains in a bearish trend due to high oil prices and rising global yields.

The US dollar is struggling, with investors disappointed about the US Treasury's bond buyback program, which is expected to start on Monday.

This has eroded the traditional safe-haven status of the US dollar, keeping the NZD from depreciating further.

A bearish Head & Shoulders formation is in progress, with key support at 0.5800 eyed.