NZD/USD Price Analysis: Downward trend likely to continue despite indicators recovering
17.04.2024, 21:49

NZD/USD Price Analysis: Downward trend likely to continue despite indicators recovering

  • The RSI on the daily chart lies deep in negative terrain but recovered.
  • The hourly RSI paints a growing buying momentum, trending the positive territory.
  • The MACD on both charts signals a less intense selling momentum.

The NZD/USD stands recovered to 0.5919, it seeing 0.60% gains. The dominant sentiment remains bearish, subtly dominated by sellers due to the consistent positioning beneath key Simple Moving Averages (SMAs). However, indicators on the daily and hourly charts seem to be recovering.

On the daily chart, the Relative Strength Index (RSI) demonstrates a negative sentiment as it continues an under-50 trend. Although there was a slight uptick from the recent low point seen on Monday, the RSI remains in deep in negative territory. Moreover, the Moving Average Convergence Divergence (MACD) displays falling red bars, reinforcing a weakening bearish momentum.

NZD/USD daily chart

The hourly chart presents an interesting contrast. Here, recent RSI readings consistently float above 50, marking a positive territory. The latest reading is 57, revealing that buyers are taking the reins on the hourly scale. The MACD histogram echoes the buying momentum printing rising green bars.

NZD/USD hourly chart

Upon examining the long-term trend, it becomes apparent that the NZD/USD exhibits bearish momentum as it slots below the 20-day, 100-day, and 200-day Simple Moving Average (SMA) indicators. So any movements which keeps the pair beneath these levels shouldn't be considered as a clear buying signal.

NZD/USD

Overview
Today last price 0.5917
Today Daily Change 0.0037
Today Daily Change % 0.63
Today daily open 0.588
 
Trends
Daily SMA20 0.5993
Daily SMA50 0.6075
Daily SMA100 0.6132
Daily SMA200 0.6062
 
Levels
Previous Daily High 0.5908
Previous Daily Low 0.5868
Previous Weekly High 0.6079
Previous Weekly Low 0.5933
Previous Monthly High 0.6218
Previous Monthly Low 0.5956
Daily Fibonacci 38.2% 0.5884
Daily Fibonacci 61.8% 0.5893
Daily Pivot Point S1 0.5863
Daily Pivot Point S2 0.5846
Daily Pivot Point S3 0.5823
Daily Pivot Point R1 0.5902
Daily Pivot Point R2 0.5925
Daily Pivot Point R3 0.5942

 

 

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