NZD/USD Price Analysis: Slight bullish momentum noted, long-term bearish bias intact


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  • The RSI of the NZD/USD on the daily chart shows a slight recovery from the buyers.
  • The hourly chart presents a more positive picture, with RSI remaining above 50, signaling increasing buying momentum.

The NZD/USD trades rose to 0.5930 in Tuesday’s session, marking a slight increase with gains of 0.17%. The currency pair continues to be guided by a long-term bearish trend. However, there is an attempt to challenge this bearish supremacy by buyers, albeit modest, and hourly indicators suggest that the momentum picked up is still weak.

On the daily chart, the Relative Strength Index (RSI) reveals a slight recovery showing a reading of 43, still within the negative territory, but suggesting a recent shift in bias among traders from negative to possibly a more positive trend. The decreasing red bars of the Moving Average Convergence Divergence (MACD) also support a weakening of the selling traction and a possible shift.

NZD/USD daily chart

The hourly Relative Strength Index (RSI) presents a more upbeat picture, remaining above the 50 level, with a recent peak close to the 70 level. The latest reading stands at 57.75, providing a boost in momentum. Concurrently, the hourly Moving Average Convergence Divergence (MACD) registers decreasing green bars, indicating weak buying traction.

NZD/USD hourly chart

In terms of the broader outlook, the NZD/USD resides in a definitive bearish stance as its latest position stays below the key Simple Moving Averages (SMA), of 20, 100, and 200-days SMA. This positioning suggests that the overall trend leans heavily towards the downside. In addition, positive signals were detected on the hourly and daily chart but those signals were not decisive buying signals as the buying momentum remains weak. Buyers must increase their efforts and reclaim the 20-day SMA to start talking.