NZD/USD may test the upper boundary of the descending channel pattern near 0.6000.
The 14-day RSI offers confirmation of the ongoing bearish bias.
The immediate support appears at a three-month low at 0.5939.
The NZD/USD pair halts its two days of losses, trading around 0.5990 during Tuesday's early European session. Daily chart analysis indicates a bearish bias, with the pair moving within a descending channel. The 14-day Relative Strength Index (RSI), a key momentum indicator, remains below the 50 level, confirming the ongoing bearish sentiment.
Adding to this outlook, the nine-day Exponential Moving Average (EMA) remains below the 14-day EMA, reinforcing bearish sentiment for the NZD/USD pair. Short-term momentum remains weak, suggesting sustained downward pressure.
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