The daily chart reveals a shift in NZD/USD from a bearish to a bullish short-term outlook.
Hourly chart indicators echo the bullish trend visible in the daily analysis.
Buyers will need to claim dominance over key SMAs to make strides in the market.
The NZD/USD rose to around 0.6058, reflecting a 0.41% gain on Tuesday's session. Despite the pair experiencing a momentum shift from bearish to bullish, it is positioned beneath key Simple Moving Averages (SMAs), hinting at a possible extended downtrend.
On the daily chart, the Relative Strength Index (RSI) rose from negative territory and is now within the positive zone. This indicates a reversal from a bearish trend to a bullish short-term outlook. Further strengthening that, the Moving Average Convergence Divergence (MACD) histogram prints rising green bars for the first time since mid-March, signaling a potential upward momentum
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