Mon. May 20th, 2024

NZD/USD PRICE ANALYSIS: BEARISH DOMINANCE PERSISTS, SIGNS OF SHORT-TERM BULLISH RECOVERY DETECTED

The daily RSI of the NZD/USD reveals that sellers remain in command with values below 50.

  • The daily MACD shows a slowdown in selling pressure as flat green bars begin to form.
  • Buyers hint at gaining minor traction in the short term, with hourly indicators recovering.

The NZD/USD pair reflects the ongoing dominance of sellers, declining towards the 0.5935 mark. While signs of bearish control are evident, there is a clue of bullish resilience, hinting at a neutral to bearish outlook in the short term.

The daily  Relative Strength Index (RSI) maintains a consistent presence in the negative territory below 50, with the latest value at 38 which indicates that sellers are in command. That being said, green bars take shape on the Moving Average Convergence Divergence (MACD) histogram, indicating a slowing of the bearish momentum.

In contrast, the hourly chart indicates a gradually increasing RSI with the latest reading at 47. This suggests a mild recovery of buying interest after dropping into oversold conditions earlier in the session. Moreover, the MACD histogram shows a fresh green bar, implying a positive change in the short term momentum.

With respect to the broader trend, the outlook is bearish with the pair below the 20,100 and 200-day Simple Moving Averages (SMAs). However, the pair is close to its 20-day average and if buyers regain additional ground and recapture it, the outlook may start to shift in favor of the bulls.

NZD/USD

Overview
Today last price0.598
Today Daily Change-0.0017
Today Daily Change %-0.28
Today daily open0.5997
Trends
Daily SMA200.6016
Daily SMA500.6084
Daily SMA1000.6137
Daily SMA2000.6066
Levels
Previous Daily High0.6015
Previous Daily Low0.5969
Previous Weekly High0.6047
Previous Weekly Low0.5939
Previous Monthly High0.6218
Previous Monthly Low0.5956
Daily Fibonacci 38.2%0.5997
Daily Fibonacci 61.8%0.5987
Daily Pivot Point S10.5973
Daily Pivot Point S20.5948
Daily Pivot Point S30.5927
Daily Pivot Point R10.6019
Daily Pivot Point R20.604
Daily Pivot Point R30.6065

Related Post