NZD/USD Price Analysis: Bears tighten their grip and present battle at around 0.6000

Source Fxstreet
May 13, 2024 22:19
  • The daily RSI and MACD indicate diminishing buying momentum as bulls struggle to gain further ground.
  • The hourly indicators reveal that sellers have a slight upper hand ahead of the Asian session.

In Monday's session, the NZD/USD pair traded with mild losses, and sellers gained ground. As the pair is facing strong resistance at the 200-day Simple Moving Average (SMA), the pair struggles to consolidate advances. Indicators are flattening and indicate that the moment of the bulls may be coming to an end.

On the daily chart, the Relative Strength Index (RSI) shows a flattening traction above 50. At the same time, the Moving Average Convergence Divergence (MACD) histogram reveals a decrease in buying momentum, demonstrated by diminishing green bars.

NZD/USD daily chart

The hourly RSI indicates a slightly negative trend with the latest reading falling towards its middlepoint, showing a slight dominance from the sellers in the market. This is supported by the MACD, which also prints decreasing green bars, further confirming the decrease in buying momentum at an intraday level.

NZD/USD hourly chart

Interpreting the broader perspective, the NZD/USD is positioned below the thresholds of its 100, 200-day Simple Moving Averages (SMA). Significant bearish momentum, implying a prevailing downward trend in both the medium and long term. However, if the buyers defend the 20-day SMA, they may still have some hope to make another stride to reclaim the 200-day SMA.4

 

NZD/USD

Overview
Today last price 0.6017
Today Daily Change -0.0005
Today Daily Change % -0.08
Today daily open 0.6022
 
Trends
Daily SMA20 0.595
Daily SMA50 0.6011
Daily SMA100 0.6089
Daily SMA200 0.6038
 
Levels
Previous Daily High 0.6041
Previous Daily Low 0.6009
Previous Weekly High 0.6041
Previous Weekly Low 0.598
Previous Monthly High 0.6079
Previous Monthly Low 0.5851
Daily Fibonacci 38.2% 0.6021
Daily Fibonacci 61.8% 0.6029
Daily Pivot Point S1 0.6007
Daily Pivot Point S2 0.5992
Daily Pivot Point S3 0.5975
Daily Pivot Point R1 0.6039
Daily Pivot Point R2 0.6056
Daily Pivot Point R3 0.6071

 

 

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