NZD/USD Price Analysis: Bearish Pressure Persists, Bulls Eye Potential Correction

The NZD/USD pair experienced a notable 0.77% decline in Friday’s session, dropping to 0.6086. While sellers dominate the market sentiment, buyers have a glimmer of hope as the pair maintains its position above the 200-day Simple Moving Average (SMA).

On the daily chart, indicators signal increasing selling pressure. The Relative Strength Index (RSI) has dipped into negative territory after briefly rising above 50, suggesting a bearish trend. The Moving Average Convergence Divergence (MACD) histogram also displays growing red bars, further reinforcing the bearish sentiment.

NZD/USD daily chart

However, the hourly chart presents a different picture. RSI values indicate oversold conditions, hinting at a potential price pullback or bullish correction in the short term. While the MACD histogram shows neutral momentum with flat green bars, suggesting no significant short-term changes, it implies that bulls might prepare for a comeback.

NZD/USD hourly chart

Considering both charts, although the daily outlook appears bearish, the hourly chart suggests a possible relief for bulls soon. Moreover, the pair’s ability to hold above the 200-day SMA adds credibility to this potential bullish scenario.

NZD/USD

OVERVIEW
Today last price0.6085
Today Daily Change-0.0046
Today Daily Change %-0.75
Today daily open0.6131
TRENDS
Daily SMA200.6146
Daily SMA500.6139
Daily SMA1000.6122
Daily SMA2000.608
LEVELS
Previous Daily High0.6176
Previous Daily Low0.6121
Previous Weekly High0.6218
Previous Weekly Low0.6069
Previous Monthly High0.6219
Previous Monthly Low0.6037
Daily Fibonacci 38.2%0.6142
Daily Fibonacci 61.8%0.6155
Daily Pivot Point S10.6109
Daily Pivot Point S20.6088
Daily Pivot Point S30.6054
Daily Pivot Point R10.6164
Daily Pivot Point R20.6198
Daily Pivot Point R30.6219

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