The NZD/USD pair is showing signs of growing buying momentum based on the daily RSI and MACD indicators. However, on the hourly chart, there is a gradual reduction in bullish momentum as the indicators approach overbought conditions.
To see further upward movements, buyers need to reclaim the main 200-day Simple Moving Averages. Despite some gains on Tuesday, the pair still maintains an overall bearish outlook. If it fails to breach the 200-day SMA in the near term, further downward movement could be expected.
The daily RSI for the NZD/USD pair indicates a positive trend, with the latest reading above 50, leaning towards positive territory. The MACD also shows flat green bars, suggesting a continuation of positive momentum, albeit at a slower pace.
On the hourly chart, the RSI has fluctuated in positive territory, even reaching the overbought region earlier in the session. The MACD on the hourly chart is showing decreasing green bars, indicating a gradual reduction in positive momentum as investors may be taking profits.
Overall, the NZD/USD pair is leaning towards a downward trend, and market participants should be cautious. Only if buyers manage to conquer the 200-day SMA would the outlook brighten for the pair.