NZD/USD Price Forecast: SMA cluster wobbles as US yields bite

The New Zealand Dollar extended its decline against the US Dollar, falling 0.30% to trade near 0.5835. The weakness in NZD/USD was primarily driven by renewed strength in the Greenback, underpinned by rising US Treasury yields, where the benchmark 10-year yield touched its highest level since 2023. From a technical perspective, the pair is seesawing around a critical cluster of moving averages, with the 50-day, 100-day, and 200-day Simple Moving Averages (SMAs) converging between 0.5843 and 0.5854. Momentum has weakened significantly, with the Relative Strength Index (RSI) turning bearish, signaling potential for further downside pressure. Immediate support is identified along a trendline at 0.5810–0.5820, followed by the psychological 0.5800 mark. A break below this threshold could expose the July 29 swing low of 0.5761 and the 0.5700 level. To invalidate the bearish outlook, buyers must push the pair back above the SMA confluence to target the September 4 high of 0.5903 and the 0.6000 barrier.