The NZD/USD pair advanced to 0.5920 on Monday, reflecting a gain of 0.47%.
Diminishing red bars of the daily MACD imply a potential easing of bearish momentum, signaling an early indication of a bullish turnaround. The hourly chart reveals an RSI oscillating in the positive zone, and MACD with green bars, signaling potential short-term positive momentum. Overall, the bearish force remains strong, while the bulls begin to give signs of potential recovery, highlighting the start of a possible bullish reversal.
NZD/USD hourly chart The broader market perspective reveals much regarding the NZD/USD's performance versus its Simple Moving Average . With the pair being below the 20,100 and 200-day SMA, a long and short-term downward pressure on the currency is evident. In summary, there is a bearish dominance in the market, reinforced by both the RSI and MACD trends on the daily and hourly charts, as well as the SMA positioning.
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