NZD/USD Price Analysis: Downward trend likely to continue despite indicators recovering

The RSI on the daily chart lies deep in negative terrain but recovered. The hourly RSI paints a growing buying momentum, trending the positive territory. The MACD on both charts signals a less intense selling momentum. The dominant sentiment remains bearish, subtly dominated by sellers due to the consistent positioning beneath key Simple Moving Averages . However, indicators on the daily and hourly chartsseem to be recovering.

The latest reading is 57, revealing that buyers are taking the reins on the hourly scale. The MACD histogram echoes the buying momentum printing rising green bars. NZD/USD hourly chart Upon examining the long-term trend, it becomes apparent that the NZD/USD exhibits bearish momentum as it slots below the 20-day, 100-day, and 200-day Simple Moving Average indicators. So any movements which keeps the pair beneath these levels shouldn't be considered as a clear buying signal.

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