NZD/USD PRICE ANALYSIS: BULLS BACK OFF, CONSOLIDATION MAY BE INCOMING
- The hourly chart signals a possible short-term rise in selling pressure with a shar decline in the RSI.
- The negative outlook remains on the daily chart.
- The bearish crossover between the 20 and 200-day SMAs implies a strong negative momentum.
The NZD/USD pair is trading at around 0.6025 and trimmed most of its daily gains on Thursday. After getting rejected by the 20-day Simple Moving Average (SMA) the latest upwards movements seem to have been short-lived and didn’t present a battle to the bearish overall trend.
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