NZD/USD Price Analysis: Bears tighten their grip and present battle at around 0.6000
- The daily RSI and MACD indicate diminishing buying momentum as bulls struggle to gain further ground.
- The hourly indicators reveal that sellers have a slight upper hand ahead of the Asian session.
In Monday's session, the NZD/USD pair traded with mild losses, and sellers gained ground. As the pair is facing strong resistance at the 200-day Simple Moving Average (SMA), the pair struggles to consolidate advances. Indicators are flattening and indicate that the moment of the bulls may be coming to an end.
On the daily chart, the Relative Strength Index (RSI) shows a flattening traction above 50. At the same time, the Moving Average Convergence Divergence (MACD) histogram reveals a decrease in buying momentum, demonstrated by diminishing green bars.
NZD/USD daily chart
The hourly RSI indicates a slightly negative trend with the latest reading falling towards its middlepoint, showing a slight dominance from the sellers in the market. This is supported by the MACD, which also prints decreasing green bars, further confirming the decrease in buying momentum at an intraday level.
NZD/USD hourly chart
Interpreting the broader perspective, the NZD/USD is positioned below the thresholds of its 100, 200-day Simple Moving Averages (SMA). Significant bearish momentum, implying a prevailing downward trend in both the medium and long term. However, if the buyers defend the 20-day SMA, they may still have some hope to make another stride to reclaim the 200-day SMA.4