NZD/USD Holds Near 0.5660 as Bearish Channel Intact
The New Zealand dollar edged higher for a second straight session, trading near 0.5660 in Asian hours. Technical patterns show price still inside a descending channel, reinforcing a bearish outlook.
NZD/USD extended its modest recovery on Tuesday, climbing for a second consecutive session to trade around 0.5660 during Asian hours.
The pair remains confined within a descending channel on the daily chart, a formation that keeps the broader bearish bias in play. The current bounce does not yet signal a trend reversal, as the price continues to respect the channel's resistance and support levels.
Traders will watch for a break above the channel's upper boundary to challenge the negative bias, or a move below recent lows to confirm further downside.
Source: FXStreet Forex News