NZD/USD Price Analysis: Buyers take a breather after Wednesday’s rally, outlook remains positive
16.05.2024, 22:15

NZD/USD Price Analysis: Buyers take a breather after Wednesday’s rally, outlook remains positive

  • The daily RSI shows that the pair has strong positive momentum, approaching overbought conditions but turning flat.
  • Hourly RSI indicates a slight retreat, hinting at some short-term consolidation.
  • The pair remains firm above its main SMAs, signaling a solid bullish sentiment in the near and distant future.

On Thursday's session, the NZD/USD remained flat at around 0.6120, as investors seem to be taking profits. After the Kiwi jumped above its main Simple Moving Averages (SMAs) the outlook turned bullish for the pair, but further consolidation may be in the horizon.

On the daily chart, the Relative Strength Index (RSI) shows positive momentum, fluctuating within positive territory, and nearing overbought status but turned flat on Thursday. The green bars of the Moving Average Convergence Divergence (MACD) reinforce the positive trend but are also flattened.

NZD/USD daily chart

Moving to the hourly chart, mixed signals are visible. The RSI retreated slightly after being deep in overbought terrain, revealing a subtle slowdown in buying enthusiasm in recent hours. The red bars of the MACD suggest that the buying traction was weak in the last hours.

NZD/USD hourly chart

To conclude, bearing in mind the positive RSI indicators and the green MACD histogram, alongside the currency pair being above critical SMAs, the market seems to favor the bulls for the NZD/USD pair in both the short and long term but further consolidation shouldn’t be taken off the table. However, the conquered 100- and 200-day SMA will be a strong support that could limit losses.

NZD/USD

Overview
Today last price 0.6122
Today Daily Change 0.0000
Today Daily Change % 0.00
Today daily open 0.6122
 
Trends
Daily SMA20 0.5974
Daily SMA50 0.6009
Daily SMA100 0.6081
Daily SMA200 0.6038
 
Levels
Previous Daily High 0.6126
Previous Daily Low 0.6025
Previous Weekly High 0.6041
Previous Weekly Low 0.598
Previous Monthly High 0.6079
Previous Monthly Low 0.5851
Daily Fibonacci 38.2% 0.6088
Daily Fibonacci 61.8% 0.6064
Daily Pivot Point S1 0.6056
Daily Pivot Point S2 0.599
Daily Pivot Point S3 0.5956
Daily Pivot Point R1 0.6157
Daily Pivot Point R2 0.6192
Daily Pivot Point R3 0.6258

 

 

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