NZD/USD Price Analysis: Bearish pressures dominate, bulls may seek relief in potential correction


  • The daily RSI shows a rise in selling traction, supported by the MACD depicting growing red bars.
  • The hourly RSI indicates oversold conditions, signaling a potential pullback or bullish correction in the short term.
  • Despite daily bearish tendencies, the pair still holds the 200-day SMA.

The NZD/USD pair declined to 0.6086, with a significant 0.77% downturn in Friday's session. The market sentiment leans heavily toward the sellers, however, there is a faint glimmer of hope for the buyers, as they still hold on to the 200-day Simple Moving Average (SMA).

On the daily chart, the Relative Strength Index (RSI) has fallen into negative territory, after recovering above 50 last week, which suggests increasing selling pressure. Moreover, the Moving Average Convergence Divergence (MACD) histogram features rising red bars which further indicate growing bearish sentiment in the market.

NZD/USD daily chart

Moving to the hourly chart, there is a stark contrast. The RSI values are in deep, oversold territories, indicating the recent selling pressure may be overextended. This often foretells a possible price pullback or bullish correction in the near term. Regarding the MACD histogram, the green bars suggest neutral momentum, even though they are flat, indicating no significant change in the shorter term but may also hint that the bulls are gearing up.

NZD/USD hourly chart

Taking both into account, while the daily chart may hint at a generalized negative posture, the hourly chart suggests the possibility of a reprieve for the bulls very soon. The fact that the NZD/USD pair is holding above the 200-day SMA also lends some weight to this counter-trend, bullish outlook.

 

NZD/USD

Overview
Today last price 0.6085
Today Daily Change -0.0046
Today Daily Change % -0.75
Today daily open 0.6131
 
Trends
Daily SMA20 0.6146
Daily SMA50 0.6139
Daily SMA100 0.6122
Daily SMA200 0.608
 
Levels
Previous Daily High 0.6176
Previous Daily Low 0.6121
Previous Weekly High 0.6218
Previous Weekly Low 0.6069
Previous Monthly High 0.6219
Previous Monthly Low 0.6037
Daily Fibonacci 38.2% 0.6142
Daily Fibonacci 61.8% 0.6155
Daily Pivot Point S1 0.6109
Daily Pivot Point S2 0.6088
Daily Pivot Point S3 0.6054
Daily Pivot Point R1 0.6164
Daily Pivot Point R2 0.6198
Daily Pivot Point R3 0.6219

 

 

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