NZD/USD Price Analysis: Bears exert pressure, yet short-term bullish reversal seems possible

Rising seller traction is prevalent in the daily chart with the RSI deep in the negative area. The hourly chart signals a potential shift toward short-term bullish correction. The overall trend continues to be tilted to the downside. The pair resides below the important 20, 100, and 200-day Simple Moving Averages , emphasizing the strong presence of sellers. However, the hourly chart has clues for a potential short-term bullish reversal.

In addition, the MACD histogram prints green bars which offer additional evidence of buyers gathering momentum. NZD/USD hourly chart Overall, the current dynamics of the NZD/USD pair infer a predominantly negative momentum. Nevertheless, the recovering indicators in the hourly chart point to a possible bullish reversal in the short term. Zooming out, the buyers must make a stride to reclaim the 200-day SMA at 0.6070 to avoid additional losses. NZD/USD Overview Today last price 0.

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