Price analysis for NZD/USD pair!!!!
The daily chart reveals a strong bullish sentiment with indicators firmly in positive territory. Hourly indicators indicate flattening buying traction but remain positive. The pair has just concluded its best week since November 2023. During Friday's session, the NZD/USD climbed to the 0.6137 level, highlighting a strong bullish trend. Closing above its main Simple Moving Averages (SMAs) of 20, 100, and 200 days, the pair secured its best week since late 2023.On the daily chart, the Relative Strength Index (RSI) reveals a positive trend, moving from below 60 and approaching the 70 mark. This indicates that the NZD/USD pair is gaining strength, showcasing bullish pressure in recent sessions. Simultaneously, the Moving Average Convergence Divergence (MACD) is printing green bars, indicating steady buying traction. The hourly RSI readings exhibit a consistent positive trend over recent hours, ending at 57.17 but pointing downward. The hourly MACD chart supports this view, with gradually diminishing green bars indicating slowing positive momentum as investors take profits.
In conclusion, the NZD/USD is in a robust technical position, displaying both short-term and long-term bullish signals on the daily and hourly charts. While the RSI indicates that the pair is approaching overbought conditions and the hourly indicators show dwindling positive momentum, the pair remains above crucial SMAs. Traders should not rule out further corrective movements as investors might continue taking profits.
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