NZD/USD Price Forecast: Dips below 0.5950, fresh weekly low as USD firms ahead of US PCE

The NZD/USD pair encountered renewed selling pressure during Wednesday's early European session, sliding to a fresh weekly low around the 0.5945 region. The decline was largely driven by a strengthening US Dollar ahead of key macroeconomic events, including the release of the US Personal Consumption Expenditures (PCE) Price Index and Federal Reserve Chair Kevin Warsh's upcoming address at the Jackson Hole Symposium. Despite the pullback from recent multi-week highs, the pair's downside appears cushioned by several fundamental factors. Diminishing expectations for imminent Fed rate hikes, alongside easing energy prices and a hawkish stance from the Reserve Bank of New Zealand (RBNZ), continue to offer underlying support to the Kiwi dollar against aggressive sell-offs. From a technical perspective, the pair maintains a mildly positive near-term bias as it holds above its 200-period Exponential Moving Average (EMA) and an ascending trendline support near 0.5875. Oscillators indicate consolidation, with the RSI around 46 and the MACD softening below the zero line. Bulls will require a definitive break and acceptance above the 0.6000 psychological threshold to resume the two-month uptrend.