NZD/USD Price Analysis: Momentum slackens as buyers get rejected at the 200-day SMA
10.05.2024, 21:53

NZD/USD Price Analysis: Momentum slackens as buyers get rejected at the 200-day SMA

  • The daily chart reveals a subtle change in buyers' momentum, noted by decreasing MACD green bars and a neutral RSI.
  • Hourly indicators picture a balanced scenario for the session.

At the end of the week, the NZD/USD has lost 0.21% as buyers seem to have run out of steam. The sluggish trend momentum might suggest an emerging bearish grip, although the short-term positive outlook remains largely unbroken.

Despite the Relative Strength Index (RSI) sitting in the neutral zone and displaying a positive outlook, the overall trend appears to be flattening. The Moving Average Convergence Divergence (MACD) also echoes the slowing momentum, printing decreasing green bars.

NZD/USD daily chart

The hourly view shows a neutral bias with a mild lack of traction for either party reflected by the flat RSI and MACD.

NZD/USD hourly chart

A broader inspection highlights the NZD/USD residing beneath the crucial 100 and 200-day Simple Moving Averages (SMAs), lending credence to a bearish outlook. The alleged sellers' strength is verified at the 200-day SMA barrier, further solidifying the short-term bearish slant as it rejected the buyers in Friday’s session. However, if the bulls manage to hold the key short-term 20-day SMA, the downside in the next sessions will be limited.

NZD/USD

Overview
Today last price 0.6022
Today Daily Change -0.0013
Today Daily Change % -0.22
Today daily open 0.6035
 
Trends
Daily SMA20 0.5948
Daily SMA50 0.6013
Daily SMA100 0.6092
Daily SMA200 0.6039
 
Levels
Previous Daily High 0.6037
Previous Daily Low 0.5992
Previous Weekly High 0.6046
Previous Weekly Low 0.5875
Previous Monthly High 0.6079
Previous Monthly Low 0.5851
Daily Fibonacci 38.2% 0.602
Daily Fibonacci 61.8% 0.6009
Daily Pivot Point S1 0.6006
Daily Pivot Point S2 0.5976
Daily Pivot Point S3 0.5961
Daily Pivot Point R1 0.6051
Daily Pivot Point R2 0.6066
Daily Pivot Point R3 0.6096

 

 

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