NZD/USD consolidates below 100-day MA as bears maintain control

NZD/USD continues to trade below its crucial 100-day moving average, consolidating around 0.5880 after last week's bearish extension. The pair's failure to reclaim this key technical level contrasts with July's price action, when dips below the 100-day MA quickly reversed higher. Current price action suggests bears have gained control, with the moving average now acting as dynamic resistance. The consolidation phase reflects traders' uncertainty ahead of upcoming economic releases from both New Zealand and the United States. Technical indicators point to further downside risk if support at 0.5850 breaks, potentially opening the path toward 0.5800. However, a sustained move above the 100-day MA around 0.5920 would invalidate the bearish outlook and could trigger a relief rally toward 0.5950. Traders should monitor upcoming RBNZ communications and US data for directional catalysts.