NZD/USD Price Analysis: Pair traded neutral, but remains well below 20-day SMA

NZD/USD declines on Monday, trades near 0.5960.
Pair moved sideways while remaining significantly beneath 20-day SMA.
The pair is exhibiting a mixed technical outlook, with the RSI indicating steady selling pressure and the MACD histogram showing declining buying pressure.

Patricio Martín FXStreet

The NZD/USD pair traded neutrally on Monday, around 0.5960, and remains well below the 20-day Simple Moving Average (SMA). The pair's technical outlook is mixed, as the Relative Strength Index (RSI) indicates rising selling pressure while the Moving Average Convergence Divergence (MACD) histogram shows declining buying pressure. The overall momentum appears to be neutral, and the pair is likely to remain range-bound in the near term.

The technical indicators provide a mixed outlook for the NZD/USD pair. The RSI, a measure of momentum, is in negative territory and continues to decline, indicating that selling pressure is gradually increasing. The MACD histogram, which measures trend strength and direction, is also decreasing and green, suggesting that buying pressure is declining.

However, the pair trades within a narrow range with no clear direction, keeping the overall outlook neutral in the near term. The multiple rejections last week of the 20-day SMA paints the outlook with red, but the indicators and candles suggests that the pair is set to move sideways in the near term.

NZD/USD daily chart

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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