NZD/USD Price Analysis: Pair trades higher in recovery as buyers attempt to take control
- NZD/USD gained further ground around 0.5900.
- Buyers gained further ground and pushed back the sellers’ attempts as indicators continue in recovery mode.
- The pair might continue to gain ground as it moves closer to its 20-day SMA at 0.5960.
The NZD/USD climbed by 0.31% to 0.5910 in Tuesday's session, continuing its recovery as buyers gained further ground and pushed back the sellers' attempts. Indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) continue to recover, signaling a mixed momentum.
From a technical perspective, the NZD/USD's outlook is mixed with signs of a bullish recovery. The RSI's rise to 43 with its sharp upward slope suggests increasing buying pressure in the negative area and a potential recovery in bullish momentum. Additionally, the MACD's decreasing red histogram indicates a loss of bearish momentum. These mixed signals suggest a potential shift in market sentiment from bearish to bullish.
The NZD/USD pair's recovery continues as buyers regain control and push back sellers. The pair seems to be on its way towards the the 20-day Simple Moving Average (SMA) at 0.5960. As the pair trades near key resistance levels, a breakout above this level could strengthen bullish momentum, while a drop below 0.5900 could indicate a bearish reversal.
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.
