NZD/USD Technical Analysis: Sell-off could stall on bull divergence

• The NZD/USD 15-minute chart and the hourly chart shows a bullish divergence of the relative strength index (RSI).
• The RSI on the 4-hour chart shows oversold conditions.
• So, the sell-off could stall for a few hours, but the broader outlook remains bearish.

15-minute chart

Spot Rate: 0.6750

Daily High: 0.6760

Daily Low: 0.6748

Trend: Minor recovery likely

Resistance

R1: 0.6786 (200-hour moving average)

R2: 0.6806 (50-hour moving average)

R3: 0.6826 (descending 20-day moving average)

Support

S1: 0.6717 (61.8% Fib R of 2015-2017 rally)

S2: 0.6688 (previous week’s low)

S3: 0.6675 (May 2016 low)