- The NZD/USD hourly chart shows a large bullish price-relative strength index divergence.
- So, a bear flag breakdown could remain elusive, i.e. bulls will likely defend the flag support of 0.6924 and the pair may test falling 50-hour moving average, currently located at 0.6980.
- A daily close below 0.6924would confirm a bear flag breakdown and signal a revival of the sell-off from 0.7395 (April 13 high).
Hourly chart
Spot Rate: 0.6939
Daily High: 0.6939
Daily Low: 0.6929
Trend: Bullish
R1: 0.6957 (resistance on hourly chart)
R2: 0.6980 (falling 50-hour MA)
R3: 0.70 (psychological hurdle)
Support
S1: 0.6924 (flag support
S2: 0.6882 (May 30 low)
S3: 0.6851 (May 16 low)