NZDUSD (1H) - short term bullish bias
The kiwi went on a bullish ride ever since it broke above the critical daily resistance level of 0.6430 at the start of the month. The latest consolidation has established solid support at 0.6575 and the rising moving averages are likely to see more trend-followers joining in. The diverging RSI, however, indicates a deceleration in the current momentum and we may expect a pullback, so buyers might need to keep their targets tighter than usual.
Key support: 0.6575
Key resistance: 0.6640
The kiwi went on a bullish ride ever since it broke above the critical daily resistance level of 0.6430 at the start of the month. The latest consolidation has established solid support at 0.6575 and the rising moving averages are likely to see more trend-followers joining in. The diverging RSI, however, indicates a deceleration in the current momentum and we may expect a pullback, so buyers might need to keep their targets tighter than usual.
Key support: 0.6575
Key resistance: 0.6640