The NZD/USD rose to 0.5937 on Wednesday’s session, presenting subtle gains.
The daily RSI reveals potential minor correction, indicating latent buying momentum. The hourly indicators show fluctuating momentum, indicating a possible pause in the bearish impulse. For bulls to make ground, they would need to assert above the 20-day SMAs. Long-term bearish forces maintain overall control of the pair's course. However, there are signals that the bulls may be waking up and as sellers lose traction, it might be the buyer's turn now.
NZD/USD hourly chart Taking a broader view, the NZD/USD has stayed below its 20, 100, and 200-day Simple Moving Averages . This positioning below the SMAs reveals a bearish trend prevailing in short- and long-term frames. Wednesday's rejection of buyers at 0.5960, at the 20-day SMA, reinforces the dominance of sellers in the market and suggests that the downward trend may continue. This situation implies that the current buying momentum isn’t strong enough to be considered a bullish signal.
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