NZD/USD Price Analysis: Bearish momentum escalates, buyers struggle to hold ground
07.05.2024, 22:04

NZD/USD Price Analysis: Bearish momentum escalates, buyers struggle to hold ground

  • The NZD/USD exhibits a bearish trend with growing selling pressure, accentuated by the stiff resistance at the 0.6040 level.
  • Indicators are flattening on the daily chart as bulls are running out of steam.

The NZD/USD stands at 0.6005 seeing mild losses in Tuesday’s session. Market movements highlight strong bearish momentum following consecutive losing sessions. The overall trend reveals strengthening selling pressure, with the NZD/USD facing considerable resistance at the 0.6040-50 level. This suggests a potential continuation of the downward trend as sellers assert their market dominance and bulls struggle to gain further ground.

On the daily chart, the Relative Strength Index (RSI) for NZD/USD exhibits a recovery trend shifting from negative to positive territory. This trajectory indicates a gradual increase in buying interest but seems to have flattened. However, the Moving Average Convergence Divergence (MACD) histogram remains flat, reflecting stabilized momentum that does not favor either buyers or sellers dominantly.

NZD/USD daily chart

Shifting attention to the hourly chart, the NZD/USD pair presents a different narrative. The RSI flutters around in negative territory, showing sellers have a short-term advantage. Notably, the hourly MACD histogram presents flat red bars indicative of negative momentum persisting throughout the session.

NZD/USD hourly chart

In the grand scope, the mounting seller dominance is underscored by the NZD/USD's struggle to pierce the 200-day Simple Moving Average (SMA) at the 0.6040 level. This signifies a crucial resistance point for the pair. If the inability to break through persists, it could certainly reinforce the bearish trajectory in the next sessions. However, as long as the bulls hold above the 20-day SMA, the short-term outlook will remain tilted with some green.

 

NZD/USD

Overview
Today last price 0.6004
Today Daily Change -0.0004
Today Daily Change % -0.07
Today daily open 0.6008
 
Trends
Daily SMA20 0.5948
Daily SMA50 0.6019
Daily SMA100 0.61
Daily SMA200 0.604
 
Levels
Previous Daily High 0.6033
Previous Daily Low 0.5996
Previous Weekly High 0.6046
Previous Weekly Low 0.5875
Previous Monthly High 0.6079
Previous Monthly Low 0.5851
Daily Fibonacci 38.2% 0.601
Daily Fibonacci 61.8% 0.6019
Daily Pivot Point S1 0.5992
Daily Pivot Point S2 0.5975
Daily Pivot Point S3 0.5955
Daily Pivot Point R1 0.6029
Daily Pivot Point R2 0.6049
Daily Pivot Point R3 0.6066

 

 

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