NZD/USD Price Analysis: Bears maintain control, signs of short-term recovery surface


  • Indicators flash oversold conditions on the daily chart.
  • Contrarily, hourly chart indicators suggest a slow return of bullish impulse as the bears might have run out of steam.

In Friday's session, the NZD/USD declined just below the 0.6000 threshold, illustrating a bearish outlook as sellers continue to dominate the market. The pair is positioned below its primary Simple Moving Averages (SMAs), further backing the bearish perspective. Technical indicators hint at a strengthening sellers' command but indicators lay in oversold terrain, a typical signal, and the buying momentum might recover.

On the daily chart, the Relative Strength Index (RSI) for the NZD/USD pair resides in negative territory presently, indicating a prevailing downtrend as sellers dominate the market. The RSI was reported at 33, bordering on oversold conditions, a potential indication for future corrective movement. The Moving Average Convergence Divergence (MACD) histogram exhibits rising red bars, also confirming the negative momentum.

NZD/USD daily chart

Moving to the hourly chart, the RSI levels convey a relatively similar scenario. The value last rested at 28, corroborating its presence in the oversold territory. Contrarily, the MACD on the hourly chart displays rising green bars, hinting at a creeping positive momentum.

NZD/USD hourly chart

In essence, while the daily chart discloses a persisting bearish momentum, hourly indications of rising positive momentum in the MACD histogram may signal a reprieve from selling pressure. Looking at the broader trend, the pair is below the 20, 100, and 200-day Simple Moving Averages (SMAs), further implying a bearish outlook.

NZD/USD

Overview
Today last price 0.5993
Today Daily Change -0.0051
Today Daily Change % -0.84
Today daily open 0.6044
 
Trends
Daily SMA20 0.6122
Daily SMA50 0.6123
Daily SMA100 0.6134
Daily SMA200 0.6078
 
Levels
Previous Daily High 0.6107
Previous Daily Low 0.6037
Previous Weekly High 0.6191
Previous Weekly Low 0.608
Previous Monthly High 0.6219
Previous Monthly Low 0.6037
Daily Fibonacci 38.2% 0.6064
Daily Fibonacci 61.8% 0.608
Daily Pivot Point S1 0.6018
Daily Pivot Point S2 0.5993
Daily Pivot Point S3 0.5948
Daily Pivot Point R1 0.6088
Daily Pivot Point R2 0.6133
Daily Pivot Point R3 0.6158

 

 

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