The NZD/USD rose to 0.5961, displaying a rally of 0.56% and jumping above the key short-term 20-day Simple Moving Average (SMA) on Thursday which now indicates a potential bullish bias.
The daily RSIshows minor buying traction, further validation is needed. The hourly chart reveals growing buying momentum with RSI hitting overbought terrain. Buyers finally recovered the 20-day SMA, which brightens the outlook for the short term. The NZD/USD rose to 0.5961, displaying a rally of 0.56% and jumping above the key short-term 20-day Simple Moving Average on Thursday which now indicates a potential bullish bias. However, the broader trend remains bearish.
Furthermore, the Moving Average Convergence Divergence presents green bars, showing positive momentum. NZD/USD hourly chart Considering broader market movements, the NZD/USD’s jump above the 20-day Simple Moving Average , signifya potential short-term upward trend. However, the pair still lingers below the 100 and 200-day SMA, implying sustained selling pressure and a bearish market bias long-term.
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