NZD/USD Price Analysis: Bears hold sway, subtle signs of potential bullish reversal emerging

Source Fxstreet
Apr 22, 2024 21:32
  • Diminishing red bars of the daily MACD imply a potential easing of bearish momentum, signaling an early indication of a bullish turnaround.
  • The hourly chart reveals an RSI oscillating in the positive zone, and MACD with green bars, signaling potential short-term positive momentum.

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.

NZD/USD daily chart

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.

NZD/USD hourly chart

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.

 

NZD/USD

Overview
Today last price 0.5919
Today Daily Change 0.0034
Today Daily Change % 0.58
Today daily open 0.5885
 
Trends
Daily SMA20 0.5973
Daily SMA50 0.6062
Daily SMA100 0.6123
Daily SMA200 0.6055
 
Levels
Previous Daily High 0.5907
Previous Daily Low 0.5851
Previous Weekly High 0.5954
Previous Weekly Low 0.5851
Previous Monthly High 0.6218
Previous Monthly Low 0.5956
Daily Fibonacci 38.2% 0.5873
Daily Fibonacci 61.8% 0.5886
Daily Pivot Point S1 0.5855
Daily Pivot Point S2 0.5825
Daily Pivot Point S3 0.5799
Daily Pivot Point R1 0.5911
Daily Pivot Point R2 0.5937
Daily Pivot Point R3 0.5967

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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