The NZDUSD pair’s recent decline from a nine-month high came to a halt today after prices surged from a low of 0.6805 to 0.6988. If upside momentum continues there is scope to target the key 0.70 level that was breached last week when prices rallied to a high of 0.7053 before falling back down as RSI rose close to 70, indicating the market approached near overbought levels.
It appears that the short-term downward pressure has eased and RSI has bounced back up above 50. The underlying bullish market structure is still intact as long as prices remain above the daily Ichimoku cloud and as long as the tenkan-sen and kijun-sen lines are positively aligned.
Near-term support lies at 0.6886, which is the 23.6% Fibonacci retracement level of the rise from 0.6346 to 0.7053. A fall below this would bring the 38.2% Fibonacci into view at 0.6782. Alternatively a break above 0.70 would target the April 19 high of 0.7053.
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