The NZDUSD is drifting back toward the session low after an earlier bounce from 0.5987. That rebound stalled just below the 200-bar moving average on the 4-hour chart, which sits at 0.60176. The high price reached 0.60158, falling short of breaking above that key resistance, and sellers have since pushed the pair back lower.

The price has now dipped to 0.59898, just above the earlier low. A break to a new low on the day would shift focus toward the 50% retracement of the May–July rise, which comes in at 0.5982. A move below that level would increase bearish momentum.

Looking further ahead, remember that two weeks ago the pair tumbled to 0.5882. A break below that support would have traders eyeing the swing area between 0.5845 and 0.5860—a zone that has acted as a key floor going back to mid-April (see green numbered circles).

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