DailyBubble News
DailyBubble News

Bears maintain control, upwards correction signals emerge

The NZD/USD pair is currently trading at around 0.5903, indicating a strong presence of sellers in the market. The pair is trading below short-term Simple Moving Averages (SMAs), signaling a short-term bearish trend. However, with oversold conditions approaching, a potential reversal may be on the horizon.

On the daily chart, the Relative Strength Index (RSI) has been on a downward trend with the RSI at 35, nearing oversold territory. This suggests that sellers have been dominating the market recently. The Moving Average Convergence Divergence (MACD) also shows a fresh red bar, indicating a bearish bias. Despite this, the nearing oversold condition hints at a possible trend reversal.

Looking at the hourly chart, RSI values remain in the negative range and close to oversold levels. The MACD histogram displays a flat red bar, confirming negative momentum and reinforcing the prevailing selling bias in the market. However, there are subtle signs of a potential recovery.

In a broader perspective, the NZD/USD pair is below its 20, 100, and 200-day Simple Moving Average (SMA), signaling a negative outlook.

In summary, both the daily and hourly technical outlooks point towards a bearish bias for the NZD/USD pair. Traders should exercise caution and be mindful of potential reversals as the RSI readings approach oversold conditions.

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x