NZD/USD Price Analysis: Buyers take a breather after Wednesday’s rally, outlook remains positive
Source Fxstreet
- The daily RSI shows that the pair has strong positive momentum, approaching overbought conditions but turning flat.
- Hourly RSI indicates a slight retreat, hinting at some short-term consolidation.
- The pair remains firm above its main SMAs, signaling a solid bullish sentiment in the near and distant future.
On Thursday's session, the NZD/USD remained flat at around 0.6120, as investors seem to be taking profits. After the Kiwi jumped above its main Simple Moving Averages (SMAs) the outlook turned bullish for the pair, but further consolidation may be in the horizon.
On the daily chart, the Relative Strength Index (RSI) shows positive momentum, fluctuating within positive territory, and nearing overbought status but turned flat on Thursday. The green bars of the Moving Average Convergence Divergence (MACD) reinforce the positive trend but are also flattened.
NZD/USD daily chart
Moving to the hourly chart, mixed signals are visible. The RSI retreated slightly after being deep in overbought terrain, revealing a subtle slowdown in buying enthusiasm in recent hours. The red bars of the MACD suggest that the buying traction was weak in the last hours.
NZD/USD hourly chart
To conclude, bearing in mind the positive RSI indicators and the green MACD histogram, alongside the currency pair being above critical SMAs, the market seems to favor the bulls for the NZD/USD pair in both the short and long term but further consolidation shouldn’t be taken off the table. However, the conquered 100- and 200-day SMA will be a strong support that could limit losses.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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