NZD/USD Price Analysis: Bulls back off, consolidation may be incoming

The hourly chart signals a possible short-term rise in selling pressure with a shar decline in the RSI. The negative outlook remains on the daily chart. The bearish crossover between the 20 and 200-day SMAs implies a strong negative momentum. The NZD/USD pair istrading at around 0.6025 and trimmed most of its daily gains on Thursday.

The MACD, continues to print red flat bars, indicating sustained negative momentum throughout recent hours. NZD/USD hourly chart Concerning its Simple Moving Averages , the NZD/USD is below the 20,100 and 200-day SMAs. Thursday’s 20-day SMA rejection addsfurther arguments that the bullish momentum is weak. Moreover, the mentioned average completed a bearish crossover with the 200-day SMA which may eventually limit any upward momentum. NZD/USD Overview Today last price 0.

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