NZD/USD Price Analysis: Kiwi bulls find some light, bears command the broader stage


  • The daily RSI recovered from near-oversold levels.
  • The hourly chart indicators exhibited a sharp uptick with the RSI above 70.
  • Buyers need to breach the key 20-day SMA for further ascents.

The NZD/USD was trading around the 0.6000 zone during Wednesday's session, reflecting an increase of 0.55%. The technical outlook indicates that sellers have had a more significant influence on the market. Nevertheless, buying momentum grew during the session as the Greenback was one of the weakest performers due to fundamental reasons.

On the daily chart, the Relative Strength Index (RSI) predominantly exists in negative territory, despite Wednesday’s recovery from oversold areas, and currently stands at 44. This indicates that stronger market influence is currently in the hands of sellers despite the slight recovery.

NZD/USD daily chart

Turning to the hourly chart, an upward trend in the RSI was observed, reaching a peak at 76 before falling slightly to 71 as investors took some profits. At the same time, the Moving Average Convergence Divergence (MACD) histogram exhibited flat green bars, hinting at a waning short-term momentum. Despite an active sellers' market on the daily chart, the hourly indicators suggest a more balanced market with potential opportunities for buyers.

NZD/USD hourly chart

Broadly speaking, the NZD/USD is currently performing under a bearish signal across all Simple Moving Averages (SMA) as it trades below its 20,100-day, and 200-day  averages. The completed SMA crossover between the 20 and 200-day averages adds arguments for a negative outlook and could limit the pair's upside.

 

NZD/USD

Overview
Today last price 0.6009
Today Daily Change 0.0037
Today Daily Change % 0.62
Today daily open 0.5972
 
Trends
Daily SMA20 0.6065
Daily SMA50 0.6098
Daily SMA100 0.6137
Daily SMA200 0.607
 
Levels
Previous Daily High 0.5974
Previous Daily Low 0.5943
Previous Weekly High 0.6032
Previous Weekly Low 0.5956
Previous Monthly High 0.6218
Previous Monthly Low 0.5956
Daily Fibonacci 38.2% 0.5962
Daily Fibonacci 61.8% 0.5955
Daily Pivot Point S1 0.5952
Daily Pivot Point S2 0.5932
Daily Pivot Point S3 0.5921
Daily Pivot Point R1 0.5983
Daily Pivot Point R2 0.5994
Daily Pivot Point R3 0.6014

 

 

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