NZD/USD Price Analysis: Bulls assert dominance, closes its best week of 2024

The daily chart reveals a strong bullish sentiment with indicators deep in positive territory.
Hourly indicators show a flattening buying traction but remain positive.
The pair closed its best week since November 2023.

In Friday’s session, the NZD/USD rose to the 0.6137 level, demonstrating a strong bullish trend. After closing above its main Simple Moving Averages (SMAs) of 20,100 and 200 days, the pair secured its best week since late 2023.

On the daily chart, the Relative Strength Index (RSI) reveals a positive trend, moving from below 60 and nearing the 70 mark. This indicates that the NZD/USD pair is accumulating strength, demonstrating bullish pressure in the recent sessions. Concurrently, the Moving Average Convergence Divergence (MACD) prints green bars, showing steady buying traction.

NZD/USD daily chart

The hourly RSI readings exhibit a consistent positive trend over the recent hours, but was seen finishing at 57.17 but pointing downwards. The hourly MACD chart supports this view, with gradually diminishing green bars indicating a slowing positive momentum as investors take profits.

NZD/USD hourly chart

In conclusion, the NZD/USD is in a robust technical position, showing short and long-term bullish signals on the daily and short-term charts. Although the RSI shows that the pair is approaching overbought conditions and the  hourly indicators show dwindling positive momentum, the pair retains its position above vital SMAs. Traders shouldn’t take off the table further corrective movements as investors might continue taking profits.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : FXStreet – https://www.fxstreet.com/news/nzd-usd-price-analysis-bulls-assert-dominance-closes-its-best-week-of-2024-202405172206