NZD/USD Price Analysis: Bulls Confirm Dominance and Close Out Their Best Week in 2024

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  • The daily chart shows powerful bullish sentiment and the indicators are deep in the positive territory.
  • Hourly indicators show purchasing traction flattening but remaining positive.
  • The pair closed out their best week since November 2023.

During Friday’s session, the NZD/USD pair rose to 0.6137, showing a powerful uptrend. After closing above the 20,100- and 200-day major plain moving averages (SMAs), the pair secured its best week since delayed 2023.

On the daily chart, the Relative Strength Index (RSI) is trending positively, moving from below 60 to above 70. This means that the NZD/USD pair is gaining strength, showing bullish pressure in recent sessions. At the same time, the moving average convergence divergence (MACD) displays green bars, showing constant purchasing power.

NZD/USD daily chart

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The hourly RSI readings have been showing a steady positive trend in recent hours but ended at 57.17 but are pointing downwards. The hourly MACD chart confirms this view, and the gradually decreasing green bars indicate a slowing in positive momentum as investors take profits.

NZD/USD Hourly Chart

In summary, the NZD/USD pair is in a solid technical position, showing low 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 decreasing positive momentum, the pair maintains its position above the significant SMAs. Traders should not miss out on further corrective moves as investors can continue to make profits.

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