Market news
08.04.2024, 22:12

NZD/USD Price Analysis: Bearish sentiment dominates, short-term bullish swing possible

  • The RSI of the NZD/USD daily chart recovered but remains on negative terrain.
  • The hourly RSI readings signal a possible short-term bullish trend, largely maintaining above the 50 level throughout Monday's session.
  • As long as the pair remains below its main SMAs, buying signals won’t be credible.

The NZD/USD pair is currently trading at 0.6033, tallying daily gains on Monday’s session. Despite these gains, the situation is delicate for buyers as signs of short-term bullish tendencies are guaranteed, while the bearish momentum maintains a strong hold over the pair's broader outlook.

On the daily chart, the Relative Strength Index (RSI) continues to indicate bearish momentum, underscoring the pair's shift into negative territory since mid-March. Despite slight recoveries within the previous sessions, these movements remain insufficient to push the indicator above the 50 threshold, thereby maintaining the bearish outlook. On the positive side, the Moving Average Convergence Divergence (MACD) prints green bars, which shed a bit of light for the buyers, as it hints that momentum in mounting.

NZD/USD daily chart

Shifting to the hourly chart, the RSI values reveal a contrasting, more positive trend, with most of today's session hovering above the 50 level. Meanwhile, the MACD on this same hourly chart prints decreasing green bars, showing a tempering down of bullish momentum.

NZD/USD hourly chart

In conclusion, the are some hints of buyers gathering momentum on the daily and hourly chart. That being said, considering a more comprehensive view, where the pair still falls short of the 20,100, 200-day SMA, investors should tread cautiously around this short-term bullishness and stay aware of the larger bearish trend at play.

 

NZD/USD

Overview
Today last price 0.6031
Today Daily Change 0.0019
Today Daily Change % 0.32
Today daily open 0.6012
 
Trends
Daily SMA20 0.6043
Daily SMA50 0.6093
Daily SMA100 0.6138
Daily SMA200 0.6069
 
Levels
Previous Daily High 0.6032
Previous Daily Low 0.5985
Previous Weekly High 0.6047
Previous Weekly Low 0.5939
Previous Monthly High 0.6218
Previous Monthly Low 0.5956
Daily Fibonacci 38.2% 0.6003
Daily Fibonacci 61.8% 0.6014
Daily Pivot Point S1 0.5987
Daily Pivot Point S2 0.5963
Daily Pivot Point S3 0.594
Daily Pivot Point R1 0.6034
Daily Pivot Point R2 0.6057
Daily Pivot Point R3 0.6081

 

 

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