The daily RSI recovered from near-oversold levels. The hourly chart indicators exhibited a sharp uptick with the RSI above 70. Buyers need to breach the key 20-day SMA for further ascents. The NZD/USD was trading around the 0.6000 zone during Wednesday's session, reflecting an increase of 0.55%. The technical outlook indicates that sellers have had a more significant influence on the market.
At the same time, the Moving Average Convergence Divergence histogram exhibited flat green bars, hinting at a waning short-term momentum. Despite an active sellers' market on the daily chart, the hourly indicators suggest a more balanced market with potential opportunities for buyers. NZD/USD hourly chart Broadly speaking, the NZD/USD is currently performing under a bearish signal across all Simple Moving Averages as it trades below its 20,100-day, and 200-day averages.
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