The hourly RSI recovered and moved deep in positive zone..
A bearish crossover completed at 0.6070 may have confirmed the bearish bias for the short term.
The NZD/USD pair is currently trading at 0.5965, with a marginal gain of 0.13%. Despite these slight gains, the pairing continues to illustrate an overall bearish sentiment, with the selling force maintaining dominance over the market trend. On the shorter timeframes, a light of hope emerged ahead of the Asian session.
On the daily chart, the technical outlook for the NZD/USD pair is primarily bearish. The Relative Strength Index (RSI) remains in negative territory, with the latest reading at 36, flirting with the oversold threshold, indicating a steady dominance by sellers in the market. Meanwhile, the Moving Average Convergence Divergence (MACD) supports this negativity with decreasing red bars, suggesting strengthening downward momentum.
In contrast, the hourly chart provides a somewhat different perspective. The latest RSI reading leaned towards positive territory at 60 while the hourly MACD affirms this with rising green bars, showing short-term positive momentum.
The inspection of the broader outlook reveals that the NZD/USD shows a bearish trend, given its position relative to its Simple Moving Averages (SMAs). The pair is below the 20-day, 100-day, and 200-day SMAs, indicating sustained downward bias in both the short-term and long-term contexts. Furthermore, the bearish crossover of the 20 and 200-day SMAs at the 0.6070 level suggests a persistent and significant downtrend is foreseeable, also endorsing the negative outlook.
In conclusion, while the daily chart illustrates a flattened negative trend, the oscillations on the hourly chart offer short-term trading nuances. Overall, the NZD/USD is primarily bearish, with a key focus on the 0.6070 SMA crossover which points for further confirmation of the downtrend.
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