Created
: 2024.04.23
2024.04.23 06:33
The NZD/USD pair advanced to 0.5920 on Monday, reflecting a gain of 0.47%. Overall, the bearish force remains strong, while the bulls begin to give signs of potential recovery, highlighting the start of a possible bullish reversal.
On the daily chart, the Relative Strength Index (RSI) remains in negative territory, indicating an ongoing bearish momentum. Although there is a minor upward trend, it remains short of breaking into the positive zone. The decreasing red bars of the Moving Average Convergence Divergence (MACD) suggest a slide in negative momentum, indicating possible signs of a potential bullish reversal.
On the hourly chart, a similar condition prevails. The RSI has been oscillating in the positive territory for most of the session, but recently recorded a slight downward inclination, signaling a potential pullback. The MACD histogram also shows rising green bars, indicating a surge in positive momentum.
The broader market perspective reveals much regarding the NZD/USD's performance versus its Simple Moving Average (SMA). With the pair being below the 20,100 and 200-day SMA, a long and short-term downward pressure on the currency is evident.
In summary, there is a bearish dominance in the market, reinforced by both the RSI and MACD trends on the daily and hourly charts, as well as the SMA positioning. However, the slight increase in the daily RSI and the diminishing bearish momentum in the MACD could signify the early stages of a market reversal.
Created
: 2024.04.23
Last updated
: 2024.04.23
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