Mon. May 20th, 2024

NZD/USD PRICE ANALYSIS: BEARS MAINTAIN CONTROL, UPWARDS CORRECTION SIGNALS EMERGE

The daily RSI reveals a negative trend for NZD/USD, suggesting prevalent selling pressure.

As the RSI stands near oversold conditions, the daily chart hints at a potential consolidation in the next sessions.

Indicators on the hourly chart corroborate the selling bias, while subtly highlighting signs of imminent recovery.

The NZD/USD pair is currently trading at around 0.5903, suggesting a stronghold of the sellers in the market.

The pair’s tendency to trade below the short-term Simple Moving Averages (SMAs) indicates a short-term bearish outlook.

However, with the oversold conditions looming, a possible reversal may not be too far off.

On the daily chart, the Relative Strength Index (RSI) readings have remained under a negative trend with the RSI sitting at 35, indicating a nearing oversold condition. This suggests that sellers have dominated the market in recent sessions.

The negative momentum is also represented by the fresh red bar of the Moving Average Convergence Divergence (MACD), suggesting a current bearish bias. However, the nearing oversold condition signals the possibility of a trend reversal.

NZD/USD

Overview
Today last price0.5905
Today Daily Change-0.0075
Today Daily Change %-1.25
Today daily open0.598
Trends
Daily SMA200.6011
Daily SMA500.6082
Daily SMA1000.6136
Daily SMA2000.6065
Levels
Previous Daily High0.6011
Previous Daily Low0.5933
Previous Weekly High0.6079
Previous Weekly Low0.5933
Previous Monthly High0.6218
Previous Monthly Low0.5956
Daily Fibonacci 38.2%0.5963
Daily Fibonacci 61.8%0.5981
Daily Pivot Point S10.5938
Daily Pivot Point S20.5897
Daily Pivot Point S30.586
Daily Pivot Point R10.6016
Daily Pivot Point R20.6053
Daily Pivot Point R30.6094

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