Shape memory alloys (SMAs) are a new generation of materials that exhibit unique nonlinear deformations due to a phase transformation which allows the material to return to its original shape after removal of stress or a change in temperature. These unique properties are the result of a martensitic/austenitic phase transformation through the application of temperature changes or applied stress. Many technological applications of austenitic SMAs involve cyclical mechanical loading and unloading in order to take advantage of pseudoelasticity, but are limited due to poor fatigue life. In this paper, commercial pseudoelastic NiTi SMA wires (50.7 at.% Ni) were placed under different bending strains and examined using scanning electron microscopy and high-energy synchrotron radiation X-ray diffraction (SR-XRD). By observing the microstructure, phase transformation temperatures, surface texture and diffraction patterns along the wire, it is shown that the wire exhibits a strong anisotropic behavior whether on the tensile or compressive side of the bending axis and that the initiation of micro-cracks in the wires is localized on the compression side, but that crack propagation will still happen if the wire is reloaded in the opposite direction. In addition, lattice strains are examined for both the austenite and martensite phases.