The NZD/USD pair trades at 0.5950, registering a 0.50% decline. While bears retain short-term dominance, signs of a potential bullish reversal are starting to emerge.

Daily Chart: Oversold Conditions with Bearish Momentum

The daily chart reveals continued bearish pressure. The Relative Strength Index (RSI) remains in negative territory, although its recent decline suggests an oversold market may be imminent. The Moving Average Convergence Divergence (MACD) reinforces this sentiment, displaying persistent red bars.

Hourly Chart: Glimmer of Bullish Reversal

The hourly chart offers a slightly different perspective. Although the RSI largely stays in negative territory, a recent uptick to 41 after dipping below 30 earlier in the session signals the potential for a short-term bullish reversal. Despite the MACD bars remaining red, this upward RSI movement could suggest a price correction before the Asian session.

Overall Outlook: Bearish with Potential for Correction

Broadly, the NZD/USD remains under bearish pressure across multiple timeframes. The pair’s position below the 20, 100, and 200-day Simple Moving Averages (SMAs) reinforces this negative outlook. A potential bearish crossover of the 20 and 200-day SMAs at 0.6070 could add further downward pressure. Nevertheless, as daily indicators approach oversold conditions, a short-term bullish correction cannot be ruled out.