NZD/USD Price Analysis: Bullish sentiment maintains despite softening momentum

Source Fxstreet
May 22, 2024 22:01
  • Despite softening positive momentum indicated by the daily MACD, the overall trend still favors the buyers.
  • Hourly chart shows fairly neutral RSI but negative momentum in MACD, signaling possible short-term fluctuations.
  • Regardless of potential shifts suggested by hourly indicators, the overall bullish bias based on daily SMAs is intact.
  • Signs of weakening buying momentum in NZD/USD implies potential retests of key SMAs, dictating investor alertness.

On Wednesday's session, the NZD/USD showed diminishing buying traction and fell just below 0.6100. However, the short-term outlook will be positive if the pair maintains its position over new reference points set by 100 and 200-day Simple Moving Averages (SMAs). If lost, the bears might step in aggressively.

Examining the daily chart, the Relative Strength Index (RSI) exhibits a positive but flattening trend, with its most recent reading of 60. Simultaneously, the Moving Average Convergence Divergence (MACD) displays decreasing green bars indicating a slight softening of positive momentum.

NZD/USD daily chart

Focusing on the hourly view, the RSI has moderately adjusted with the latest reading of 41, reflecting a fairly neutral direction. Notably, the MACD histogram has produced consistently flat red bars, signaling negative momentum on an intraday basis.

NZD/USD hourly chart

In conclusion, investors seem to be taking profits and, should the pair hold above the recently-conquered 100 and 200-day Simple Moving Averages (SMAs), any downward movement should not necessarily be considered a selling signal. However, buying traction appears to be waning, and the pair is set for a retest of the mentioned SMAs.

 

NZD/USD

Overview
Today last price 0.6093
Today Daily Change 0.0003
Today Daily Change % 0.05
Today daily open 0.609
 
Trends
Daily SMA20 0.6014
Daily SMA50 0.6004
Daily SMA100 0.6074
Daily SMA200 0.6041
 
Levels
Previous Daily High 0.6118
Previous Daily Low 0.6087
Previous Weekly High 0.6146
Previous Weekly Low 0.5995
Previous Monthly High 0.6079
Previous Monthly Low 0.5851
Daily Fibonacci 38.2% 0.6099
Daily Fibonacci 61.8% 0.6106
Daily Pivot Point S1 0.6079
Daily Pivot Point S2 0.6068
Daily Pivot Point S3 0.6049
Daily Pivot Point R1 0.6109
Daily Pivot Point R2 0.6129
Daily Pivot Point R3 0.614

 

 

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