The NZD/USD saw a rise to 0.5961, up by 0.56% on Thursday, surpassing the important 20-day Simple Moving Average (SMA). This suggests a potential bullish trend in the short term, although the overall trend remains bearish. Buyers may take profits before the Asian session due to a strong increase in buying momentum on the hourly chart.
On the daily chart, the Relative Strength Index (RSI) is slightly above the negative territory threshold, indicating a possible uptrend that requires further confirmation to be considered bullish.
On the hourly chart, the RSI is at 66, slightly lower after reaching the overbought level, showing strong short-term buying momentum. The Moving Average Convergence Divergence (MACD) also indicates positive momentum.
Despite the short-term upward trend signaled by the NZD/USD crossing above the 20-day SMA, the pair remains below the 100 and 200-day SMA, suggesting continued selling pressure and a long-term bearish bias. Bulls are eyeing the 100-day SMA at 0.6100 as a target.