The NZD/USD pair showed a strong bullish sentiment in Friday’s session, reaching the 0.6137 level and closing above its main SMAs of 20, 100, and 200 days. This resulted in the pair securing its best week since late 2023. The daily chart indicates a positive trend with the RSI moving towards the 70 mark, showing bullish pressure. The MACD also shows steady buying traction with green bars.
On the hourly chart, the RSI readings have been consistently positive but are currently pointing downwards, suggesting a potential slowdown in positive momentum. The hourly MACD chart supports this view, with diminishing green bars indicating investors taking profits. Despite this, the pair remains above vital SMAs, indicating a robust technical position.
Overall, the NZD/USD pair shows both short and long-term bullish signals on the daily and hourly charts. While the RSI suggests possible overbought conditions and the hourly indicators show declining positive momentum, it is important to note further corrective movements may occur as investors take profits. Traders should monitor these indicators closely to navigate potential market movements.
