DailyBubble News
DailyBubble News

Downward trend likely to continue despite indicators recovering

The NZD/USD pair has recovered to 0.5919, showing a 0.60% gain. Despite this recovery, the overall sentiment remains bearish as the pair continues to trade below key Simple Moving Averages (SMAs). However, there are signs of improvement in the indicators on both the daily and hourly charts.

On the daily chart, the Relative Strength Index (RSI) remains below 50, indicating a negative sentiment. Although there has been a slight uptick from a recent low point, the RSI is still in negative territory. Additionally, the Moving Average Convergence Divergence (MACD) is showing falling red bars, suggesting a weakening bearish momentum.

The hourly chart tells a different story, with the RSI consistently above 50, signaling a positive trend. The latest RSI reading is 57, indicating that buyers are gaining control on the hourly scale. The MACD histogram is also showing rising green bars, supporting the buying momentum.

However, the long-term trend of the NZD/USD pair remains bearish as it remains below the 20-day, 100-day, and 200-day SMAs. Any movements that keep the pair below these levels should not be seen as a clear buying signal.

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