NZD/USD Price Analysis: Bears remain in control, yet the hourly chart hints at easing sell-off pressure
19.03.2024, 22:09

NZD/USD Price Analysis: Bears remain in control, yet the hourly chart hints at easing sell-off pressure

  • The daily chart of NZD/USD presents a bearish outlook with the RSI and MACD deep in the red zone.
  • On the hourly chart, the selling pressure is easing.
  • The NZD/USD is operating below the main SMAs, indicating a persisting bearish bias.

The NZD/USD pair registered a decline of 0.54%, falling towards 0.6050 in Tuesday's session. Earlier in the session, indicators reached oversold conditions on the hourly chart, and ahead of the Asian session, the pair seems to be consolidating

On the daily chart, the pair is facing intense selling pressure, as indicated by the declining Relative Strength Index (RSI). The latest reading stands at 36, situated in the negative territory and nearing the oversold threshold, suggesting that sellers currently dominate the market. The Moving Average Convergence Divergence (MACD) also confirms this bearish sentiment, with its rising red bars indicating mounting negative momentum.

NZD/USD daily chart

On the hourly chart, however, the picture differs. The RSI readings appear to fluctuate within the negative territory, with the last reading measured at 42, slightly higher than the reading on the daily chart, denoting tempered selling pressure after bottoming at a low of 22 earlier in the session. Here, the MACD shows a declining selling pressure.

NZD/USD hourly chart

On a broader scale, the trend is still bearish as the pair continues to trade below its 20, 100, and 200-day Simple Moving Averages (SMAs).

NZD/USD

Overview
Today last price 0.6054
Today Daily Change -0.0031
Today Daily Change % -0.51
Today daily open 0.6085
 
Trends
Daily SMA20 0.6141
Daily SMA50 0.6133
Daily SMA100 0.6127
Daily SMA200 0.608
 
Levels
Previous Daily High 0.6101
Previous Daily Low 0.6077
Previous Weekly High 0.6191
Previous Weekly Low 0.608
Previous Monthly High 0.6219
Previous Monthly Low 0.6037
Daily Fibonacci 38.2% 0.6086
Daily Fibonacci 61.8% 0.6092
Daily Pivot Point S1 0.6075
Daily Pivot Point S2 0.6064
Daily Pivot Point S3 0.6051
Daily Pivot Point R1 0.6099
Daily Pivot Point R2 0.6112
Daily Pivot Point R3 0.6123

 

 

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