NZD/USD Settles Below Key Support, More Losses Ahead?

Upon analyzing the 4-hour chart, it is evident that the pair acquired a bearish momentum post the breach of the 0.6120 support level. Notably, there took place a closure beneath the 0.6100, the 100 simple moving average (depicted in red for a 4 hour duration), and the 200 simple moving average (marked in green for a 4 hour stretch).

The pair is now consolidating near the 0.6065 zone. A downside break and close below the 0.6065 zone could set the pace for a sustained decline.

The next major support is near 0.6000, below which NZD/USD could slide toward the 0.5950 zone. On the upside, the pair is facing resistance near the 0.6100 level.

The first major resistance is near 0.6120. There is also a major bearish trend line forming with resistance near 0.6140 on the same chart. A close above the 0.6740 resistance could push the pair toward 0.6200 or the 100 simple moving average (red, 4 hours). Any more gains could start a fresh increase toward the 0.6250 level.

Looking at EUR/USD, the pair is moving lower and there is a risk of more downsides below the 1.0900 level in the near term.