NZD/USD Price Analysis: USD hold sway, short-term positive oscillations surface


  • On the daily chart, sellers maintain control over as indicators near oversold conditions.
  • The hourly RSI recovered and moved deep in positive zone..
  • A bearish crossover completed at 0.6070 may have confirmed the bearish bias for the short term.

The NZD/USD pair is currently trading at 0.5965, with a marginal gain of 0.13%. Despite these slight gains, the pairing continues to illustrate an overall bearish sentiment, with the selling force maintaining dominance over the market trend. On the shorter timeframes, a light of hope emerged ahead of the Asian session.

On the daily chart, the technical outlook for the NZD/USD pair is primarily bearish. The Relative Strength Index (RSI) remains in negative territory, with the latest reading at 36, flirting with the oversold threshold, indicating a steady dominance by sellers in the market. Meanwhile, the Moving Average Convergence Divergence (MACD) supports this negativity with decreasing red bars, suggesting strengthening downward momentum.

NZD/USD daily chart

In contrast, the hourly chart provides a somewhat different perspective. The latest RSI reading leaned towards positive territory at 60 while the hourly MACD affirms this with rising green bars, showing short-term positive momentum.

NZD/USD hourly chart

The inspection of the broader outlook reveals that the NZD/USD shows a bearish trend, given its position relative to its Simple Moving Averages (SMAs). The pair is below the 20-day, 100-day, and 200-day SMAs, indicating sustained downward bias in both the short-term and long-term contexts. Furthermore, the bearish crossover of the 20 and 200-day SMAs at the 0.6070 level suggests a persistent and significant downtrend is foreseeable, also endorsing the negative outlook.

In conclusion, while the daily chart illustrates a flattened negative trend, the oscillations on the hourly chart offer short-term trading nuances. Overall, the NZD/USD is primarily bearish, with a key focus on the 0.6070 SMA crossover which points for further confirmation of the downtrend.

 

NZD/USD

Overview
Today last price 0.5972
Today Daily Change 0.0018
Today Daily Change % 0.30
Today daily open 0.5954
 
Trends
Daily SMA20 0.6071
Daily SMA50 0.6101
Daily SMA100 0.6138
Daily SMA200 0.6071
 
Levels
Previous Daily High 0.5994
Previous Daily Low 0.5939
Previous Weekly High 0.6032
Previous Weekly Low 0.5956
Previous Monthly High 0.6218
Previous Monthly Low 0.5956
Daily Fibonacci 38.2% 0.596
Daily Fibonacci 61.8% 0.5973
Daily Pivot Point S1 0.5931
Daily Pivot Point S2 0.5907
Daily Pivot Point S3 0.5876
Daily Pivot Point R1 0.5986
Daily Pivot Point R2 0.6017
Daily Pivot Point R3 0.6041

 

 

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