• The NZD/USD slips further below the 20-day SMA as bears reinforce their strength.
• Daily chart indicators suggest an ongoing consolidation phase, marked by a slight negative momentum following last Wednesday’s push.
• The pair fell to a low of 0.6105 but bulls managed to clear most of its losses.

The NZD/USD continued its descent on Monday, moving below the 20-day Simple Moving Average (SMA) of 0.6140 the buyers managed to clear most of its daily losses. The pair seems to be stuck in a state of consolidation following the sharp surge last week to 0.6220. Despite buyers' attempts, the 20-day SMA could not be sustained, and losses could potentially extend if this trend continues.

Meanwhile, on the daily chart, the Relative Strength Index (RSI) has maintained its negative momentum, suggesting a faltering buying pressure. The downward orientation of the RSI is consistent with the flat red bars displayed by the Moving Average Convergence Divergence (MACD), further emphasizing the ongoing consolidation narrative.