The NZD/USD pair rallied to 0.5980 on Monday and then stabilized around 0.5960, yet maintains a bearish outlook.
The NZD/USD maintains a bearish stance while showing a flattening buying momentum on both daily and hourly charts. The bulls got rejected again by the 20-day SMA. Any upward movement that fails to conquer the mentioned SMA shouldn’t be considered a buying signal.
NZD/USD daily chart Transitioning to the hourly chart, the RSI maintains a positive outlook, hovering around the 57 mark but is currently pointing down, suggesting that the buyers are running out of steam in this timeframe. The MACD shows flat green bars, pointing to a more cautious uptrend. NZD/USD hourly chart While analyzing the broader scope, the pair currently sits in a bearish posture.
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