NZD/USD Price Analysis: Bearish setup adds pressure to Kiwi below 0.6200

• NZD/USD struggles to defend the previous day’s recovery within one-week-old bearish channel, stays below 50-SMA.
• Steady MACD, failure to keep the bounce off monthly support line tease Kiwi pair sellers.
• Bulls remain off the table unless witnessing clear break of 0.6230.

NZD/USD edges lower past 0.6200 despite the week-start rebound, pressured around 0.6165 amid Tuesday’s Asian session. In doing so, the Kiwi pair stays within a one-week-old bearish channel, as well as remains below the 50-SMA hurdle, while fading the previous week’s rebound from the monthly support line.

It’s worth noting that the steady conditions of the RSI (14) line around 50.0 levels also keep the Kiwi pair sellers hopeful despite the latest corrective bounce.

That said, an upward-sloping trend line from May 31, close to 0.6135 at the latest, appears immediate support for the NZD/USD sellers to watch during the quote’s fresh downside.

Following that, the stated channel’s bottom line surrounding 0.6110 and the 0.6100 round figure may prod the bears.

In a case where the Kiwi pair drops below 0.6100, multiple supports around 0.6030-25 may prod the sellers before directing them to the 0.6000 psychological magnet and the yearly low marked in May around 0.5985.

On the contrary, the 50-SMA and the aforementioned bearish channel’s top line, respectively near 0.6185 and 0.6210 restrict the short-term recovery of the NZD/USD pair.

However, the Kiwi buyers should remain cautious unless witnessing a clear upside break of the descending resistance line from May 19, close to 0.6230 at the latest.

NZD/USD: Four-hour chart

Trend: Bearish