NZD/USD Price Forecast: Downtrend persist after hitting six-month low

• NZD/USD hovers near 0.5718, capped by resistance at 0.5754 and the 20-day SMA at 0.5808.
• Fed Chair Powell's slightly dovish remarks weigh on Dollar but fail to lift Kiwi meaningfully.
• Bears eye key support at 0.5682, with yearly low at 0.5485 remaining in focus.

The New Zealand Dollar trims some of its earlier losses, as the Greenback turns negative on the day sponsored by the escalation of trade tensions between Washington and Beijing and Fed Chair Jerome Powell slightly dovish remarks. The NZD/USD trades at 0.5718, down 0.14%.

NZD/USD Price Forecast: Kiwi pares losses, yet it remains pressured

The downtrend continues as the NZD/USD remains below the latest cycle low turned resistance at 0.5754, reached on September 26. Momentum reveals that sellers remain in charge as depicted by the Relative Strength Index (RSI).

If NZD/USD clears the 0.5750 figure, the next stop would be the September 26 low turned resistance, ahead of 0.5800. Further upside lies ahead, with the 20-day SMA at 0.5808, which if cleared, paves the way for testing the 200-day SMA at 0.5850.

On the downside, the first key support would be the October 14 low of 0.5682--six months low--, followed by the yearly low of 0.5485.

NZD/USD Price Chart - Daily