On Wednesday's session, the NZD/USD showed diminishing buying traction and fell just below 0.6100.
Despite softening positive momentum indicated by the daily MACD, the overall trend still favors the buyers. Hourly chart shows fairly neutral RSI but negative momentum in MACD, signaling possible short-term fluctuations. Regardless of potential shifts suggested by hourly indicators, the overall bullish bias based on daily SMAs is intact. Signs of weakening buying momentum in NZD/USD implies potential retests of key SMAs, dictating investor alertness.
NZD/USD daily chart Focusing on the hourly view, the RSI has moderately adjusted with the latest reading of 41, reflecting a fairly neutral direction. Notably, the MACD histogram has produced consistently flat red bars, signaling negative momentum on an intraday basis.
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