Business
- The NZD/USD declined in Wednesday’s session, continuing its bearish momentum.
- RSI has dropped to 34, indicating oversold prerequisites and rising selling rigidity.
- MACD remains flat and crimson, suggesting a bearish vogue with weakening selling rigidity.
In Wednesday’s session, the NZD/USD extended its latest decline, falling by 0.27% to 0.6050. The technical indicators remain bearish, indicating a continuation of the selling rigidity that has dominated latest trading sessions.
The Relative Energy Index (RSI) has fallen into oversold territory, with a value of 34 and a sharply declining slope. This means that selling rigidity is increasing and that the bears are gaining energy but that a correction might be in the horizon. The Moving Average Convergence Divergence (MACD) histogram is flat and crimson, indicating a bearish outlook. As prolonged as the RSI remains below 50 and the MACD remains crimson, the technical outlook will remain bearish for the NZD/USD but sellers shouldn’t take off the table a healthy correction.
Business NZD/USD daily chart
The overall outlook for the NZD/USD remains bearish. The pair has been trading below key reinforce levels for several sessions and has yet to demonstrate any indicators of a recovery. The 0.6100 area where the 100 and 200-day Straightforward Moving Average (SMA) remains a key level to watch, as a consolidation below this level might originate the door for a additional decline towards 0.6000 while an upwards break of this level might trigger a recovery.
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