NZD/USD ranges between 0.5670-0.5691 resistance as traders await direction

NZD/USD is experiencing volatile range-bound trading on Monday, oscillating between key technical levels as market participants seek clearer directional signals. The pair has established resistance at 0.5691, coinciding with the 38.2% Fibonacci retracement of the decline from late October highs, while finding support near 0.5670. This 21-pip range reflects uncertainty in the New Zealand dollar's near-term trajectory amid mixed global risk sentiment. The kiwi's inability to break above the Fibonacci level suggests persistent selling pressure at higher levels, while buyers defend the lower boundary. Technical indicators point to consolidation within this defined range, with momentum oscillators showing neutral readings. Traders should monitor for a decisive break above 0.5691, which could open the path toward 0.5720, or a breakdown below 0.5670 that might accelerate declines toward 0.5640. The tight trading range suggests an impending volatility expansion once clear catalysts emerge.