The NZD/USD pair is currently trading at 0.5965, with a marginal gain of 0.13%.
On the daily chart, sellers maintain control over as indicators near oversold conditions. The hourly RSI recovered and moved deep in positive zone.. A bearish crossover completed at 0.6070 may have confirmed the bearish bias for the short term. Despite these slight gains, the pairing continues to illustrate an overall bearish sentiment, with the selling force maintaining dominance over the market trend. On the shorter timeframes, a light of hope emerged ahead of the Asian session.
NZD/USD hourly chart The inspection of the broader outlook reveals that the NZD/USD shows a bearish trend, given its position relative to its Simple Moving Averages . The pair is below the 20-day, 100-day, and 200-day SMAs, indicating sustained downward bias in both the short-term and long-term contexts. Furthermore, the bearish crossover of the 20 and 200-day SMAs at the 0.6070level suggests a persistent and significant downtrend is foreseeable, also endorsing the negative outlook.
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