NZD/USD Price Analysis: Bearish pressures dominate, bulls may seek relief in potential correction

• The daily RSI shows a rise in selling traction, supported by the MACD depicting growing red bars.
• The hourly RSI indicates oversold conditions, signaling a potential pullback or bullish correction in the short term.
• Despite daily bearish tendencies, the pair still holds the 200-day SMA.

The NZD/USD pair declined to 0.6086, with a significant 0.77% downturn in Friday’s session. The market sentiment leans heavily toward the sellers, however, there is a faint glimmer of hope for the buyers, as they still hold on to the 200-day Simple Moving Average (SMA).

On the daily chart, the Relative Strength Index (RSI) has fallen into negative territory, after recovering above 50 last week, which suggests increasing selling pressure. Moreover, the Moving Average Convergence Divergence (MACD) histogram features rising red bars which further indicate growing bearish sentiment in the market.