The NZD/USD pair stands at 0.5949, registering daily gains on Thursday’s session.
The daily chart reveals a bearish bias for the NZD/USD pair underlined by its positioning below major SMAs. For bullish traction to take place, buyers must reclaim control over the 20-day SMA SMAs. Indicators on the daily chart recovered. The prevailing outlook, as presented on the daily chart, shows a strong bearish control as the Kiwi continues to trade below the significant Simple Moving Averages . Minor upticks visible in the short term do not suggest a meaningful trend reversal.
NZD/USD daily chart Moving on to the hourly chart, the RSI also persists in a negative trend, but the latest hour displays an upswing, carrying the indicator above the 50 mark which, paired with decreasing red bars on the MACD histogram, might suggest a short-term trend reversal or correction. NZD/USD hourly chart Assessing the overall landscape, the NZD/USD is in a definitive downtrend, underpinned by its position below the 20, 100, and 200-day Simple Moving Averages .
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