DailyBubble News
DailyBubble News

Buyers gather momentum and challenge the 200-day SMA

The NZD/USD pair is performing well, reaching 0.6032 on Thursday. However, there is a potential for a short-term shift as hourly indicators show overbought conditions and buyers may start taking profits.

On the daily chart, the Relative Strength Index (RSI) indicates positive momentum, with rising green bars on the Moving Average Convergence Divergence (MACD), suggesting a market dominated by buyers.

Looking at the hourly chart, the RSI still shows strong buyer domination around 66, but the MACD has decreasing green bars, indicating slightly weaker bullish momentum compared to the daily chart.

The pair is currently above the 20-day SMA but below the 100 and 200-day SMAs. Buyers are expected to challenge the 200-day SMA at 0.6040, which could lead to stronger bullish prospects for the NZD/USD. Sellers may come in if the pair fails to break above this key resistance level.

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