The NZD/USD pair is currently trading at 0.5950, showing a 0.50% decrease in the session.
The daily chart of the pair reflects a prevailing negative trend with indicators flashing oversold signals. Indicators on the hourly chart also stand deep in the red zone. Moreover, a bearish SMA crossover further emphasizes the depth of the bearish outlook. Sellers maintain control as the broader outlook remains bearish. However, some signs of a mild bullish reversal are emerging. On the daily chart, the Relative Strength Index value reveals a continuation of the negative trend.
Even though the corresponding MACD bars remain red, additional upward movements could be seen ahead of the Asian session. NZD/USD hourly chart Upon inspecting the broader outlook, the NZD/USD is demonstrating bearish signals across all periods examined. In addition, the pair’s position below the 20, 100-day, and 200-day Simple Moving Averages , implies a forecast of negative momentum in the short term.
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