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16 Dec 2024

NZD/USD Price Analysis: Pair inches up to 0.5780, selling pressure easing slightly

  • NZD/USD gains on Monday, settling around 0.5780 after recent declines.
  • Pair remains below the 20-day SMA, limiting upside potential and keeping the bearish bias intact.
  • RSI rises sharply to 39, while MACD histogram shows decreasing red bars, suggesting easing selling pressure.

The NZD/USD pair managed a modest recovery on Monday, gaining 0.29% to trade near 0.5780. Although this uptick indicates a slight reduction in selling pressure, the pair continues to trade below the 20-day Simple Moving Average (SMA), currently near 0.5850, which remains a key hurdle to overcome.

Technical indicators reflect a tentative improvement but maintain a bearish slant. The Relative Strength Index (RSI) has climbed to 39, up from near-oversold territory, suggesting fading downside momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram prints decreasing red bars, signaling that bearish traction may be waning. Still, the pair’s inability to rise above its 20-day SMA keeps the overall outlook negative.

Looking ahead, a decisive break above the 20-day SMA would be required to shift sentiment and encourage buyers to engage more confidently. On the downside, immediate support emerges around the 0.5750 region, followed by the 0.5700 mark if sellers regain control.

NZD/USD daily chart

Dec 16, 2024

Canadian Dollar battered by dovish outlook

The Canadian Dollar (CAD) hit another soft spot on Monday, testing into a 56-month low near 1.4250 against the US Dollar.
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Dec 17, 2024

USD/BRL hits all-time high of 6.1496 amid failed BCB intervention

The Brazilian real weakened to an all-time low against the Greenback of 6.1496 on Monday after President Luiz Inacio Lula da Silva, known as Lula, criticized higher interest rates set by the Banco Central Do Brazil (BCB).
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