In Tuesday's trading session, the NZD/USD pair advanced upwards to 0.5900, marking a modest recovery of a 0.40% gain.
NZD/USD made gains in Tuesday's session, rising to the 0.5900 mark. The pair seems to be entering a consolidation period guiding between the 0.5850 - 0.6000 channel. The daily RSI escapes the oversold territory, suggesting some cooling off from bearish momentum. In Tuesday's trading session, the NZD/USD pair advanced upwards to 0.5900, marking a modest recovery of a 0.40% gain. This follows a bearish July, which saw the pair losing over 4% of its value.
The daily Relative Strength Index has now moved from oversold territory, signaling a potential easing of the selling pressure. Meanwhile, the Moving Average Convergence Divergence continues to print flat red bars, underlining the overall bearish outlook, though indicating a possible moderation of the traction. NZD/USD daily chart The recently defined support zone is found within the 0.5850 - 0.5900 range, which also serves as a consolidation channel.
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