NZD/USD Price Analysis: Bulls fail to contain the sellers sinks further below the key 0.6000 level

• NZD/USD plummets further, breaching the critical 0.6000 mark, exhibiting a consistent bearish path since last week.
• The pair is down by nearly 2% in the last four sessions.

In Tuesday's session, the NZD/USD further extended its downward expedition, decreasing by 0.35% to 0.5960. The bulls' failure to counteract the sellers led to a continuous descent below the 0.6000 level, settling at early May lows, and thereby solidifying the bearish sentiment surrounding the pair. In addition, a confirmed bearish crossover between the 20 and 100-day Simple Moving Averages (SMA) at the 0.6070 area gives more arguments to the bearish narrative.

The daily technical indicators reinforce this declining trend. The Relative Strength Index (RSI) stands near the oversold boundary and has slightly dipped from Monday's position at 30, indicating ongoing selling pressure. In the meantime, the Moving Average Convergence Divergence (MACD) maintains the course with rising red bars, further exacerbating the bearish sentiment. However, as the RSI approaches the oversold threshold, there might be a potential correction in the vicinity.

NZD/USD daily chart

From a daily perspective, strong support is currently detected on the 0.5950 line, and further below within the 0.5930-0.5900 range. Conversely, resistance is now seen at the prior support level of 0.6000 and then at approximately 0.6050.