On Tuesday, the NZD/USD saw gains but the pair maintains and overall bearish outlook.
The daily RSI and MACD of the NZD/USD highlight a growing buying momentum. The hourly RSI and MACD show a gradual reduction in the bullish momentum as indicators neared overbought conditions. For further upwards movements, the buyers will need to reclaim the main 200-day SMAs. Despite a marginal recovery challenge to the 200-day Simple Moving Averages , momentum stays subdued. Should the pair fail to breach the 200-day SMA in the near term, further downward movement might be impending.
The hourly MACD presents decreasing green bars, indicating a slow gradual reduction in the positive momentum as investors may be taking profits ahead of the Asian session. NZD/USD hourly chart With that said, the overall picture shows a downward inclination for the NZD/USD.
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