NZD/USD Price Analysis: Bears exert pressure, yet short-term bullish reversal seems possible

Rising seller traction is prevalent in the daily chart with the RSI deep in the negative area.
The hourly chart signals a potential shift toward short-term bullish correction.
The overall trend continues to be tilted to the downside.

Patricio Martín FXStreet

The NZD/USD pair is operating at around 0.6000 with losses, The market landscape is primarily dominated by sellers, underscored by a prevailing negative trend. The pair resides below the important 20, 100, and 200-day Simple Moving Averages (SMAs), emphasizing the strong presence of sellers. However, the hourly chart has clues for a potential short-term bullish reversal.

The Relative Strength Index (RSI) oscillates within the negative territory on the daily chart. at 35 near the oversold area, underscoring the prominence of sellers in the market. Concurrently, the predominance of flat red bars in the Moving Average Convergence Divergence (MACD) histogram affirms this negative momentum.

NZD/USD daily chart

Switching to the hourly chart, the RSI moved towards its middle point but then retreated towards 40, implying a modest bias towards the buyers. In addition, the MACD histogram prints green bars which offer additional evidence of buyers gathering momentum.

NZD/USD hourly chart

Overall, the current dynamics of the NZD/USD pair infer a predominantly negative momentum. Nevertheless, the recovering indicators in the hourly chart point to a possible bullish reversal in the short term. Zooming out, the buyers must make a stride to reclaim the 200-day SMA at 0.6070 to avoid additional losses.

NZD/USD

Overview
Today last price	0.6004
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	0.6004

Trends
Daily SMA20	0.6096
Daily SMA50	0.6111
Daily SMA100	0.6135
Daily SMA200	0.6075

Levels
Previous Daily High	0.6032
Previous Daily Low	0.5995
Previous Weekly High	0.6107
Previous Weekly Low	0.5989
Previous Monthly High	0.6219
Previous Monthly Low	0.6037
Daily Fibonacci 38.2%	0.6018
Daily Fibonacci 61.8%	0.6009
Daily Pivot Point S1	0.5989
Daily Pivot Point S2	0.5973
Daily Pivot Point S3	0.5952
Daily Pivot Point R1	0.6026
Daily Pivot Point R2	0.6047
Daily Pivot Point R3	0.6063

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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