Bullish momentum picks up, buyers rejected at the 100-day SMA
The indicators suggest a strengthening bullish momentum in the NZD/USD pair. The daily indicators are showing signs of a shift towards a stronger bullish trend, with the RSI settling at 56 in positive territory. However, the pair is still facing resistance at the 100-day SMA, indicating a bearish trend.
On the hourly chart, the RSI is at 62 but has flattened out after reaching overbought conditions earlier. The MACD histogram is showing consistent red bars, hinting at a potential deceleration in bullish momentum.
The NZD/USD is currently trading below the 100 and 200-day SMAs, indicating significant downside pressure. The pair faced rejection at the 100-day SMA at the 0.6100 level, showing that buyers still need more traction to turn the outlook bullish. Despite this, breaking above the 20-day SMA has improved the short-term outlook.