NZD/USD PRICE ANALYSIS: BEARISH MOMENTUM GAINS GROUND, YET SELLERS MAY START TO BACK OFF
- The NZD/USD pair maintains its losing streak, depicting a bearish session on Thursday.
- The RSI for the daily chart points to a growing selling momentum, while MACD prints rising red bars.
- Mimicking the daily chart, the hourly signals flash the ongoing strength of the sellers but with indicators somewhat flat.
The NZD/USD pair is trading lower at around 0.6045, undergoing a 0.33% decline. The currency pair's market sentiment seems to lean towards the bearish side, with sellers maintaining a strong grip. On the hourly chart, the selling pressure eased somewhat but the bears are still present.
On the daily chart, the Relative Strength Index (RSI) remains in negative territory, suggesting that sellers dominate the market. Furthermore, the rising red bars of the Moving Average Convergence Divergence (MACD) histogram indicate growing negative momentum, further supporting this bearish outlook
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