The NZD/USD is currently experiencing a bearish trend with increasing selling pressure, particularly at the 0.6040 resistance level. The currency pair is trading at 0.6005, showing slight losses in Tuesday’s session. The market movements indicate a strong bearish momentum, with sellers dominating and bulls struggling to make gains.
On the daily chart, the Relative Strength Index (RSI) for NZD/USD is gradually moving from negative to positive territory, suggesting a rise in buying interest. However, the Moving Average Convergence Divergence (MACD) histogram remains flat, indicating stabilized momentum without a clear advantage for either buyers or sellers.
Looking at the hourly chart, the RSI is in negative territory, indicating a short-term advantage for sellers. The hourly MACD histogram also shows negative momentum persisting throughout the session.
The NZD/USD is facing significant resistance at the 0.6040 level, with the 200-day Simple Moving Average (SMA) acting as a crucial point of resistance. If the pair continues to struggle to break through this level, it could reinforce the bearish trend in the coming sessions. However, as long as the bulls maintain support above the 20-day SMA, the short-term outlook may have some positive momentum.