NZD/USD Price Analysis: Pessimistic technical outlook, RSI in oversold area signals might trigger a correction
- The NZD/USD declined in Wednesday's session, continuing its bearish momentum.
- RSI has dropped to 34, indicating oversold conditions and rising selling pressure.
- MACD remains flat and red, suggesting a bearish trend with weakening selling pressure.
In Wednesday's session, the NZD/USD extended its recent decline, falling by 0.27% to 0.6050. The technical indicators remain bearish, indicating a continuation of the selling pressure that has dominated recent trading sessions.
The Relative Strength Index (RSI) has fallen into oversold territory, with a value of 34 and a sharply declining slope. This suggests that selling pressure is increasing and that the bears are gaining strength but that a correction might be in the horizon. The Moving Average Convergence Divergence (MACD) histogram is flat and red, indicating a bearish outlook. As long as the RSI remains below 50 and the MACD remains red, the technical outlook will remain bearish for the NZD/USD but sellers shouldn’t take off the table a healthy correction.
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