The New Zealand Dollar (NZD) against the U.S. Dollar (USD) saw a modest recovery on Tuesday, rising to around 0.5600 after a prolonged decline to levels not seen since October 2022. While this slight uptick offers temporary relief following a recent sell-off, the overall market sentiment remains skewed to the downside.
Technical Analysis: Stabilizing Momentum but Risks Persist
Technically, the Relative Strength Index (RSI) has increased to 43, signaling some stabilizing momentum, though it remains firmly in negative territory. The Moving Average Convergence Divergence (MACD) histogram has also shown a decrease in green bars, suggesting that any recovery may be fragile without a significant push from bullish forces.
On the downside, if the NZD/USD pair fails to hold above the 0.5570 level, selling pressure could resurface, with potential targets near 0.5530. On the upside, a move beyond the 0.5620 region could open the door to testing the 0.5650 level, though any sustained rally would likely require a shift in broader market sentiment.
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