NZDUSD – 11 Sep 2024

On the daily timeframe, NZDUSD has been in a bearish trend since late last month. Despite several attempts to rally, the dominant bearish pressure has the pair now at 0.61406. The Stochastic indicator which has remained at 20 since last month indicates that the bearish pressure is still very strong, but it also opens up opportunities for trend reversal due to saturation from oversold conditions. However, traders are advised to pay attention to additional indications and confirmation from other technical indicators before making trading decisions, given that the bearish trend still dominates.