DailyBubble News
DailyBubble News

Buyers take a breather after Wednesday’s rally, outlook remains positive

The NZD/USD pair showed strong positive momentum on Thursday, as it remained flat at around 0.6120. Investors were seen taking profits after the Kiwi surged above its main Simple Moving Averages (SMAs), signaling a bullish outlook for the pair. Despite this, some consolidation may be on the horizon.

On the daily chart, the Relative Strength Index (RSI) indicated positive momentum, hovering in positive territory and approaching overbought conditions before leveling off on Thursday. The Moving Average Convergence Divergence (MACD) also displayed green bars, supporting the positive trend but flattening out.

Looking at the hourly chart, mixed signals were evident. The RSI retreated slightly from overbought levels, suggesting a slowdown in buying interest in recent hours. The MACD’s red bars indicated weak buying momentum in the last few hours.

In conclusion, with positive RSI indicators, a green MACD histogram, and the pair trading above key SMAs, the market seems to favor the bulls for the NZD/USD pair in both the short and long term. However, further consolidation cannot be ruled out. The 100- and 200-day SMAs serve as strong support levels that could limit potential losses.

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