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13.12.2024 01:29 PM
The NZD/USD pair is declining for the fourth consecutive day, extending its weekly downtrend and dropping to the 0.5755 level, setting a new low not seen since November 2022.
The New Zealand dollar continues to underperform due to the Reserve Bank of New Zealand's (RBNZ) aggressive monetary easing and concerns about the recovery of the Chinese economy.
On the other hand, the U.S. dollar consolidates its recent gains, reaching a new monthly high and exerting additional downward pressure on the NZD/USD pair.
On Friday, there are no major U.S. economic data releases expected to drive market movements, leaving the NZD/USD pair under the influence of USD price dynamics. However, the aforementioned fundamental backdrop suggests that the path of least resistance for spot prices remains downward.
Traders are likely to remain cautious ahead of the FOMC's critical monetary policy meeting next week. Oscillators on the daily chart are also nearing oversold territory, indicating that a further sharp decline may be limited in the near term.
Key Levels to Watch:
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