NZD/USD Price Analysis: Kiwi bulls find some light, bears command the broader stage

• The daily RSI recovered from near-oversold levels.
• The hourly chart indicators exhibited a sharp uptick with the RSI above 70.
• Buyers need to breach the key 20-day SMA for further ascents.

The NZD/USD was trading around the 0.6000 zone during Wednesday's session, reflecting an increase of 0.55%. The technical outlook indicates that sellers have had a more significant influence on the market. Nevertheless, buying momentum grew during the session as the Greenback was one of the weakest performers due to fundamental reasons.

On the daily chart, the Relative Strength Index (RSI) predominantly exists in negative territory, despite Wednesday’s recovery from oversold areas, and currently stands at 44. This indicates that stronger market influence is currently in the hands of sellers despite the slight recovery.

NZD/USD daily chart

Turning to the hourly chart, an upward trend in the RSI was observed, reaching a peak at 76 before falling slightly to 71 as investors took some profits. At the same time, the Moving Average Convergence Divergence (MACD) histogram exhibited flat green bars, hinting at a waning short-term momentum. Despite an active sellers' market on the daily chart, the hourly indicators suggest a more balanced market with potential opportunities for buyers.

NZD/USD hourly chart

Broadly speaking, the NZD/USD is currently performing under a bearish signal across all Simple Moving Averages (SMA) as it trades below its 20,100-day, and 200-day  averages. The completed SMA crossover between the 20 and 200-day averages adds arguments for a negative outlook and could limit the pair's upside.