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  • The corrective rally in the NZD/USD pair gathered traction on Friday.  
  • The currency pair rose to 0.6845 today but further gains could be hard to come as the hourly relative strength index (RSI) has diverged in favor of the bears.  

1-hour chart

Spot Rate: 0.6835

Daily High: 0.6845

Daily Low: 0.6830

Trend: Bearish

Resistance

R1: 0.6851 (June 15 low)

R2: 0.6874 (50% Fib R of June 6 high – July 3 low)

R3: 0.6922 (June 25 high)

Support

S1: 0.6830 (23.6% Fib R of June 6 high – July 3 low)

S2: 0.68 (psychological level)

S3: 0.6775 (200-horu moving average)