The daily RSI reveals a negative trend for NZD/USD, suggesting prevalent selling pressure.
As the RSI stands near oversold conditions, the daily chart hints at a potential consolidation in the next sessions.
Indicators on the hourly chart corroborate the selling bias, while subtly highlighting signs of imminent recovery.
The NZD/USD pair is currently trading at around 0.5903, suggesting a stronghold of the sellers in the market. The pair's tendency to trade below the short-term Simple Moving Averages (SMAs) indicates a short-term bearish outlook. However, with the oversold conditions looming, a possible reversal may not be too far off.
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