Home » NZD/USD Price Analysis: Bearish momentum gains ground, yet sellers may start to back off

NZD/USD Price Analysis: Bearish momentum gains ground, yet sellers may start to back off

by FX BrokerNews
  • The NZD/USD pair extended its downtrend, marking a bearish session on Thursday.
  • The daily chart’s RSI indicates a strengthening selling momentum, accompanied by rising red bars on the MACD.
  • Similar to the daily chart, the hourly signals indicate sustained selling pressure, although indicators show relatively flat movement.

Trading around 0.6045, the NZD/USD pair has experienced a 0.33% decline, reflecting a prevailing bearish sentiment with sellers maintaining control. While the hourly chart suggests a slight easing in selling pressure, bears remain active.

On the daily timeframe, the Relative Strength Index (RSI) persists in negative territory, underscoring seller dominance. Additionally, the increasing red bars on the Moving Average Convergence Divergence (MACD) histogram signal a deepening negative momentum, reinforcing the bearish stance.

NZD/USD daily chart

A comparable pattern emerges when examining the hourly chart. The RSI remains in negative territory, signaling a prevailing bearish momentum. Moreover, the MACD histogram’s red bars continue to rise in this shorter timeframe, underscoring the sellers’ continued strength. However, the MACD histogram’s flattening near oversold levels suggests that the pair may consolidate its downward movements ahead of the Asian session. The influence of fundamental factors will be crucial as they could potentially trigger another downward leg.

NZD/USD hourly chart

A persistent negative trend is noticeable across both daily and hourly charts. Both the RSI and MACD indicators affirm the prevailing dominance of sellers in the NZD/USD pair. A broader assessment reveals that the pair is trading below the 20, 100, and 200-day Simple Moving Averages (SMAs), further reinforcing the bearish trend observed in both daily and hourly charts.


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