NZD/USD PRICE ANALYSIS: BEARS ASSERT THEIR DOMINANCE, EYES ON A POSSIBLE SHORT-TERM MOMENTUM SHIFT
- The daily chart reveals a bearish bias, with RSI transitioning to negative territories and rising red bars in the MACD.
- The hourly chart demonstrates a contrary perspective flashing signals on a potential shift to the upside.
- If bears want to confirm a bearish outlook, they must conquer the 200-day SMA.
In Monday's trading, NZD/USD remained largely unchanged around 0.6085 while the pair showed ongoing sell-off pressure. However, subtle hints of an imminent near-term reversal are beginning to show up on the hourly chart as bears may step out to consolidate their movements.
The continuous decline of the daily Relative Strength Index (RSI) from positive to negative territories demonstrates the prevailing sell-side pressure. The recent reading of the RSI indicates ongoing negative conditions, further substantiated by a sequence of rising red bars in the Moving Average Convergence Divergence (MACD
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