NZD/USD Price Analysis: Bulls take a breather and step back
|
- NZD/USD closed lower on Tuesday at 0.5670, reflecting a bearish session.
- Technical indicators signal a weakening momentum, with the RSI declining and the MACD showing reduced bullish activity.
The NZD/USD pair continued its downward movement on Tuesday, closing at 0.5670 as selling pressure persisted for a second straight day. The session highlighted a bearish tone, with the pair opening lower and failing to recover any significant ground during the day.
From a technical perspective, the Relative Strength Index (RSI) dipped to 51, still within positive territory but sharply declining, indicating weakening bullish momentum. Similarly, the Moving Average Convergence Divergence (MACD) histogram shows a reduction in green bars, reflecting a noticeable slowdown in buying activity. These indicators align with the bearish sentiment dominating the session.
Traders are closely monitoring support near 0.5630 where the 20-day Simple Moving Average stands, which, if breached, could pave the way for a test of the 0.5600 psychological level. On the upside, resistance lies at 0.5705, and a break above this could provide the foundation for a potential rebound. Until then, the pair remains vulnerable to further downside pressures.
NZD/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.