NZD/USD Price Analysis: Bulls back off, consolidation may be incoming
04.04.2024, 21:56

NZD/USD Price Analysis: Bulls back off, consolidation may be incoming

  • The hourly chart signals a possible short-term rise in selling pressure with a shar decline in the RSI.
  • The negative outlook remains on the daily chart.
  • The bearish crossover between the 20 and 200-day SMAs implies a strong negative momentum.

The NZD/USD pair is trading at around 0.6025 and trimmed most of its daily gains on Thursday. After getting rejected by the 20-day Simple Moving Average (SMA) the latest upwards movements seem to have been short-lived and didn’t present a battle to the bearish overall trend.

On the daily chart, the Relative Strength Index (RSI) has shown slow movement from negative to positive territory over past sessions and now resides at around 47.15. However, the flat red bars of the Moving Average Convergence Divergence (MACD) indicate a steady negative momentum.

NZD/USD daily chart

On the hourly chart, the RSI proved more erratic, reaching a positive value of 70 earlier in the session and dropping to 50. This fluctuation suggests a possible short-term shift in momentum favoring the sellers. The MACD, continues to print red flat bars, indicating sustained negative momentum throughout recent hours.

NZD/USD hourly chart

Concerning its Simple Moving Averages (SMAs), the NZD/USD is below the 20,100 and 200-day SMAs. Thursday’s 20-day SMA rejection adds further arguments that the bullish momentum is weak. Moreover, the mentioned average completed a bearish crossover with the 200-day SMA which may eventually limit any upward momentum.

NZD/USD

Overview
Today last price 0.6025
Today Daily Change 0.0017
Today Daily Change % 0.28
Today daily open 0.6008
 
Trends
Daily SMA20 0.6059
Daily SMA50 0.6096
Daily SMA100 0.6137
Daily SMA200 0.607
 
Levels
Previous Daily High 0.6012
Previous Daily Low 0.5952
Previous Weekly High 0.6032
Previous Weekly Low 0.5956
Previous Monthly High 0.6218
Previous Monthly Low 0.5956
Daily Fibonacci 38.2% 0.5989
Daily Fibonacci 61.8% 0.5975
Daily Pivot Point S1 0.5969
Daily Pivot Point S2 0.5931
Daily Pivot Point S3 0.5909
Daily Pivot Point R1 0.6029
Daily Pivot Point R2 0.6051
Daily Pivot Point R3 0.6089

 

 

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