Created
: 2024.05.01
2024.05.01 07:02
The NZD/USD pair plunged to 0.5890 on Tuesday as bears hit the gas and bulls seem to have given up their momentum gained in the last session. Selling conditions are more extreme in the hourly charts as indicators signal oversold conditions which could lead to an upwards correction in the near tearm.
The daily Relative Strength Index (RSI) for the NZD/USD is in the negative territory. The most recent reading signals sellers are currently dominating the market, with a downward trend. Regarding the Moving Average Convergence Divergence (MACD), the decreasing green bars confirm this bearish momentum with the bullish impulse nowhere to be found.
On the hourly chart, the RSI shows stronger oversold conditions in the most recent hours. However, the hourly MACD, indicated by flat red bars on the histogram, shows a flattening bearish momentum. Notably, despite the oversold condition, buyers have not yet stepped in with enough strength to shift the momentum toward the green zone but they might in the next hours.
Regarding the larger scope, the NZD/USD displays a bearish trend, evidenced by its position below the Simple Moving Averages (SMA) for the 20, 100, and 200-day periods. After getting rejected by the 20-day SMA multiple times in the last sessions, the outlook is confirmed to be bearish as the time of the buyers seems to be fading. In addition, after failing to conquer that crucial resistance, leaves the pair bound for additional downside. However, ahead of the Asian session, there could be a minor upward correction to consolidate the overextended downward movements seen on the hourly chart.
Created
: 2024.05.01
Last updated
: 2024.05.01
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy