NZD/USD exhibits bearish momentum, as it remains below a major descending trend line.
The price may continue its downward movement towards the 1st support at 0.6114, which is an overlap support.
The 2nd support at 0.6049 reinforces the bearish outlook with swing low support and a 78.60% Fibonacci Retracement. On the resistance side, the 1st resistance at 0.6189 poses a challenge as a swing high resistance.
The 2nd resistance at 0.6239 further strengthens resistance with swing high characteristics and a 78.60% Fibonacci Retracement.
These factors contribute to the overall bearish momentum of NZD/USD.
