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NZD/USD slides as US Treasury yields lift the US dollar
The NZD/USD is around 0.5835, with analysts pointing to SMA support near 0.5848 and potential downside if 0.5800 gives way.
The New Zealand dollar extended losses versus the US dollar, with NZD/USD down 0.30% to around 0.5835, as the Greenback drew support from higher US Treasury yields, FXStreet reports.
FXStreet said US 10-year yields have reached the highest level since 2023, a backdrop that has helped keep bearish pressure on the pair.
Technically, the report highlighted the 50-, 100-, and 200-day simple moving average cluster around 0.5843 to 0.5854 as an area where price is consolidating, while the relative strength index has turned bearish.
On the downside, FXStreet cited support near a trendline around 0.5810 to 0.5820, then the 0.5800 level, with a breakdown potentially targeting the July 29 swing low at 0.5761 before moving toward 0.5700. For a reversal, the pair would need to climb above the SMA cluster, after which resistance is seen at 0.5903, followed by 0.5950 and 0.6000.
In a daily snapshot of currency moves, FXStreet noted the New Zealand dollar was strongest against the Canadian dollar on the day, based on a heat map of percentage changes against listed major currencies.