Market news
02.05.2024, 19:49

NZD/USD Price Analysis: Short-term uptrend hinted, buyers might take some profits

  • The daily RSI shows minor buying traction, further validation is needed.
  • The hourly chart reveals growing buying momentum with RSI hitting overbought terrain.
  • Buyers finally recovered the 20-day SMA, which brightens the outlook for the short term.

The NZD/USD rose to 0.5961, displaying a rally of 0.56% and jumping above the key short-term 20-day Simple Moving Average (SMA) on Thursday which now indicates a potential bullish bias. However, the broader trend remains bearish. With the intense increase in buying traction on an hourly scale, buyers might take some profits ahead of the Asian session.

On the daily chart, the Relative Strength Index (RSI) stands just above negative territory threshold, hinting at a slight uptrend. However, this inconclusive signal requires further validation to be considered a bullish flag.

NZD/USD daily chart

On the hourly chart, the RSI is at 66 slightly down after hitting the overbought threshold. This indicates a stronger short-term buying momentum but that the pair may start to consolidate ahead of Friday’s session. Furthermore, the Moving Average Convergence Divergence (MACD) presents green bars, showing positive momentum.

NZD/USD hourly chart

Considering broader market movements, the NZD/USD’s jump above the 20-day Simple Moving Average (SMA), signify a potential short-term upward trend. However, the pair still lingers below the 100 and 200-day SMA, implying sustained selling pressure and a bearish market bias long-term. That being said, bulls are making arguments to be considered seriously and will start to set their sight at the 100-day SMA at 0.6100.

 

NZD/USD

Overview
Today last price 0.596
Today Daily Change 0.0030
Today Daily Change % 0.51
Today daily open 0.593
 
Trends
Daily SMA20 0.5952
Daily SMA50 0.6031
Daily SMA100 0.6106
Daily SMA200 0.6043
 
Levels
Previous Daily High 0.5941
Previous Daily Low 0.5875
Previous Weekly High 0.597
Previous Weekly Low 0.5886
Previous Monthly High 0.6079
Previous Monthly Low 0.5851
Daily Fibonacci 38.2% 0.5916
Daily Fibonacci 61.8% 0.59
Daily Pivot Point S1 0.5889
Daily Pivot Point S2 0.5849
Daily Pivot Point S3 0.5823
Daily Pivot Point R1 0.5956
Daily Pivot Point R2 0.5981
Daily Pivot Point R3 0.6022

 

 

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