Market news
30.04.2024, 22:01

NZD/USD Price Analysis: Bears reign supreme, bulls nowhere to be found

  • The daily indicators of the NZD/USD daily chart confirm a steady bearish momentum.
  • Hourly indicators signal oversold conditions which could lead to a mild upwards correction.
  • The failure to regain the 20-day SMA worsens the outlook of the buyers.

The NZD/USD pair plunged to 0.5890 on Tuesday as bears hit the gas and bulls seem to have given up their momentum gained in the last session. Selling conditions are more extreme in the hourly charts as indicators signal oversold conditions which could lead to an upwards correction in the near tearm.

The daily Relative Strength Index (RSI) for the NZD/USD is in the negative territory. The most recent reading signals sellers are currently dominating the market, with a downward trend. Regarding the Moving Average Convergence Divergence (MACD), the decreasing green bars confirm this bearish momentum with the bullish impulse nowhere to be found.

NZD/USD daily chart

On the hourly chart, the RSI shows stronger oversold conditions in the most recent hours. However, the hourly MACD, indicated by flat red bars on the histogram, shows a flattening bearish momentum. Notably, despite the oversold condition, buyers have not yet stepped in with enough strength to shift the momentum toward the green zone but they might in the next hours.

NZD/USD hourly chart

Regarding the larger scope, the NZD/USD displays a bearish trend, evidenced by its position below the Simple Moving Averages (SMA) for the 20, 100, and 200-day periods. After getting rejected by the 20-day SMA multiple times in the last sessions, the outlook is confirmed to be bearish as the time of the buyers seems to be fading. In addition, after failing to conquer that crucial resistance, leaves the pair bound for additional downside. However, ahead of the Asian session, there could be a minor upward correction to consolidate the overextended downward movements seen on the hourly chart.

 

NZD/USD

Overview
Today last price 0.5892
Today Daily Change -0.0084
Today Daily Change % -1.41
Today daily open 0.5976
 
Trends
Daily SMA20 0.596
Daily SMA50 0.6042
Daily SMA100 0.6111
Daily SMA200 0.6046
 
Levels
Previous Daily High 0.5986
Previous Daily Low 0.5941
Previous Weekly High 0.597
Previous Weekly Low 0.5886
Previous Monthly High 0.6218
Previous Monthly Low 0.5956
Daily Fibonacci 38.2% 0.5969
Daily Fibonacci 61.8% 0.5958
Daily Pivot Point S1 0.5949
Daily Pivot Point S2 0.5923
Daily Pivot Point S3 0.5904
Daily Pivot Point R1 0.5994
Daily Pivot Point R2 0.6013
Daily Pivot Point R3 0.6039

 

 

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location