The NZD/USD pair is currently at 0.5949, showing daily gains. However, the daily chart indicates a bearish trend as the Kiwi remains below the important Simple Moving Averages (SMAs). While there have been minor upticks in the short term, a significant trend reversal is not yet evident. To see a bullish momentum, buyers need to take control over the key 20-day SMA.
On the daily chart, the Relative Strength Index (RSI) for the NZD/USD pair is still in negative territory, but there are signs of a potential market correction as RSI values suggest upward momentum. Additionally, the Moving Average Convergence Divergence (MACD) shows increasing green bars, indicating a gradual shift in favor of buyers.
Looking at the hourly chart, the RSI is also in a negative trend, but a recent upswing has pushed the indicator above the 50 mark. Coupled with decreasing red bars on the MACD histogram, this could indicate a short-term trend reversal or correction.
Overall, the NZD/USD pair is in a clear downtrend, supported by its position below the 20, 100, and 200-day SMAs. This suggests a sustained bearish momentum as both short-term and long-term traders are selling the pair. Thursday’s price movement, where buyers’ attempted recovery was rejected at the 20-day SMA level, signals a lack of bullish conviction and the potential for further downside. Given these factors, the outlook remains in favor of sellers.