The daily RSI and MACD signal a slowdown in positive momentum.
On the hourly chart, indicators also show that the buyers are losing grip.
Downward movements which keep the pair above the 100 and 200-day SMAs, should be viewed as healthy corrections.
In Monday's session, the NZD/USD stands at 0.6107, revealing a dip of 0.40%. However, the market continues under the dominant control of the bulls. Occasional losses in positive momentum do not indicate a sway of power to the bears and may validate healthy market corrections after a 1.45% weekly gain.
In the daily timeframe, the Relative Strength Index (RSI) is mainly in the positive territory, with a recent reading at 62. This implies a moderate bullish momentum. Nevertheless, the tapering down of the index from its peak nearing overbought conditions may suggest a slowdown in the upward thrust. The Moving Average Convergence Divergence (MACD) complements this, revealing decreasing green bars indicative of a shrinking positive momentum
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