NZD/USD Tests 0.5900 as Bearish Bias Persists Into Week's End

As of May 22, NZD/USD hovers near the 0.5900 psychological level with a mixed technical bias, rebounding modestly from earlier lows but remaining capped by key moving averages. The pair came under sustained pressure after breaking short-term averages mid-week, driven by strong US ADP payrolls of +42,250, rising Treasury yields, and geopolitical tensions over Iran that boosted safe-haven dollar demand. Despite softer USD moves and improved risk appetite later in the period, gains were limited by steady PBoC policy and weak New Zealand data, leaving support at 0.5820 exposed while resistance sits near 0.5920-0.5970.