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NZD/USD Price Analysis: Bears reign supreme, bulls nowhere to be found

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NZDUSD News

Majors,Currencies,Technical Analysis

The NZD/USD pair plunged to 0.5890 on Tuesday as bears hit the gas and bulls seem to have given up their momentum gained in the last session.

The daily indicators of the NZD/USD daily chart confirm a steady bearish momentum. Hourly indicators signal oversold conditions which could lead to a mild upwards correction. The failure to regain the 20-day SMA worsens the outlook of the buyers. Selling conditions are more extreme in the hourly charts as indicators signal oversold conditions which could lead to an upwards correction in the near tearm. The daily Relative Strength Index for the NZD/USD is in the negative territory.

NZD/USD hourly chart Regarding the larger scope, the NZD/USD displays a bearish trend, evidenced by its position below the Simple Moving Averages for the 20, 100, and 200-day periods. After getting rejected by the 20-day SMA multiple times in the last sessions, the outlook is confirmed to be bearish as the time of the buyers seems to be fading. In addition, after failing to conquer that crucial resistance, leaves the pair bound for additionaldownside.

Majors Currencies Technical Analysis

 

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