NZDUSD (1H) - short term bearish bias
Following our analysis on last Friday, the New Zealand dollar struggled to make a higher high as buyers became fewer. The bearish RSI divergence effectively predicted a U-turn in the market mood. The break below the key support level of 0.6570 and the bearish MA cross are confirmations that sellers have taken control of the price action. We would expect the pair to drop further towards 0.6540 as the first target, then 0.6520 should buyers fail to show up.
Key support: 0.6540
Key resistance: 0.6600
Following our analysis on last Friday, the New Zealand dollar struggled to make a higher high as buyers became fewer. The bearish RSI divergence effectively predicted a U-turn in the market mood. The break below the key support level of 0.6570 and the bearish MA cross are confirmations that sellers have taken control of the price action. We would expect the pair to drop further towards 0.6540 as the first target, then 0.6520 should buyers fail to show up.
Key support: 0.6540
Key resistance: 0.6600