- Indicators flash oversold conditions on the daily chart.
- Contrarily, hourly chart indicators suggest a slow return of bullish impulse as the bears might have run out of steam.
In Friday's session, the NZD/USD declined just below the 0.6000 threshold, illustrating a bearish outlook as sellers continue to dominate the market. The pair is positioned below its primary Simple Moving Averages (SMAs), further backing the bearish perspective. Technical indicators hint at a strengthening sellers' command but indicators lay in oversold terrain, a typical signal, and the buying momentum might recover.
On the daily chart, the Relative Strength Index (RSI) for the NZD/USD pair resides in negative territory presently, indicating a prevailing downtrend as sellers dominate the market. The RSI was reported at 33, bordering on oversold conditions, a potential indication for future corrective movement. The Moving Average Convergence Divergence (MACD) histogram exhibits rising red bars, also confirming the negative momentum.
NZD/USD daily chart
Moving to the hourly chart, the RSI levels convey a relatively similar scenario. The value last rested at 28, corroborating its presence in the oversold territory. Contrarily, the MACD on the hourly chart displays rising green bars, hinting at a creeping positive momentum.
NZD/USD hourly chart
In essence, while the daily chart discloses a persisting bearish momentum, hourly indications of rising positive momentum in the MACD histogram may signal a reprieve from selling pressure. Looking at the broader trend, the pair is below the 20, 100, and 200-day Simple Moving Averages (SMAs), further implying a bearish outlook.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD stands tall just below its highest level since January touched on Wednesday
![AUD/USD stands tall just below its highest level since January touched on Wednesday](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/AUDUSD/macro-of-aussie-20-note-8668638_XtraSmall.jpg)
The AUD/USD pair holds above the 0.6700 mark during the Asian session on Thursday. The Australian Dollar continues to draw support from the upbeat domestic Retail Sales data released on Wednesday, which strengthened the case for a rate hike by the Reserve Bank of Australia.
EUR/USD lurches higher after US data dumps Greenback
![EUR/USD lurches higher after US data dumps Greenback](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/photo-of-the-american-and-euro-banknotes-57153806_XtraSmall.jpg)
EUR/USD found a leg up on Wednesday, climbing briefly above the 1.0800 handle after a broad miss in US economic figures hinted at further signs of a weakening US economy, sparking fresh hopes for an accelerated pace of rate cuts from the Federal Reserve and markets flowing out of the safe haven US Dollar.
Gold reaches $2,360 on broad USD weakness
![Gold reaches $2,360 on broad USD weakness](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/Gold_Bar_XAU_Precious_Metal_XtraSmall.jpg)
Gold gathers bullish momentum and trades at its highest level in nearly two weeks above $2,360. Following the disappointing ADP Employment Change and ISM Services PMI data from the US, the 10-year US yield declines sharply, helping XAU/USD extend its daily rally.
PolitiFi meme coins surge as Biden support lowers
![PolitiFi meme coins surge as Biden support lowers](https://editorial.fxstreet.com/images/Resources/CryptoWorldSEO2_XtraSmall.jpg)
Several political meme coins related to Vice President Kamala Harris rallied on Wednesday as prediction market odds favor her as the preferred Democrat nominee in the upcoming US presidential race.
Could the post-UK elections market moves resemble 1997 and 2010?
![Could the post-UK elections market moves resemble 1997 and 2010?](https://editorial.fxstreet.com/images/Macroeconomics/Countries/Europe/UnitedKingdom/london-on-the-move-21611584_XtraSmall.jpg)
Thursday's UK elections expected to bring political change. Similar developments in both 1997 and 2010 weighed on the Pound. History points to a significant easing in Pound volatility across the board. Recent FTSE 100 performance matches the 2015 pre-election moves.