Posted: Friday, May 17, 2020
The daily chart shows a bullish mood with all indicators in the positive zone.
Hourly indicators indicate a flattening of buying momentum but remain positive.
The pair had its best week in November 2023.
The NZD/USD pair rose to a level of 0.6137 on Friday, showing a strong upward trend. The pair’s best week was achieved after closing above the main Simple Moving Averages of 20,100, and 200 days.
The Relative Strength Index shows a positive trend on the daily chart. It has moved from below 60 to near 70. The NZD/USD is showing signs of strength and bullish pressure. Concurrently the Moving Average Convergence Divergence(MACD) prints green bar, showing steady purchasing traction.
Chart of NZD/USD for the day
Hourly RSI readings show a positive trend that has been consistent over the last few hours. However, they were seen ending at 57.17 and pointing down. This view is supported by the hourly MACD chart, where green bars are gradually fading to indicate a slowing of positive momentum.
Chart of NZD/USD for the hour
The NZD/USD has a strong technical position. It shows both short- and long-term signals of bullishness on the daily charts and the short-term charts. The hourly indicators and RSI show that the pair has a waning positive momentum. However, the pair maintains its position over the SMAs. Investors may continue to take profits, so traders shouldn’t rule out further corrections.
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Source: FXStreet