NZD/USD Price Analysis: 0.66 is the level to beat for the bulls

NZD/USD's daily chart shows a bearish RSI divergence.
A move above 0.66 would invalidate the negative divergence.

Omkar Godbole FXStreet Contributor

NZD/USD has faced rejections in the 0.66 neighborhood multiple times over the last seven weeks, meaning the rally from the March low of 0.55 has stalled.

As such, a break above 0.66 is needed to revive the bullish trend. That would also invalidate a bearish divergence (lower high) of the 14-day relative strength index. Chart analysts consider a failed bearish divergence as a powerful bullish signal.

Hence, a breakout above 0.66 could fuel a quick rally to the Dec. 31, 2019 high of 0.6756.

Alternatively, a move below 0.6503 (the low of July 14's long-tailed candle) would validate the bearish divergence of the RSI and may yield a deeper drop to 0.6383 (June 22 low).

Daily chart

Trend: Bearish

Technical levels

NZD/USD

Overview
Today last price	0.6575
Today Daily Change	-0.0002
Today Daily Change %	-0.03
Today daily open	0.6577

Trends
Daily SMA20	0.6514
Daily SMA50	0.6378
Daily SMA100	0.6204
Daily SMA200	0.6344

Levels
Previous Daily High	0.6578
Previous Daily Low	0.6538
Previous Weekly High	0.6594
Previous Weekly Low	0.6502
Previous Monthly High	0.6585
Previous Monthly Low	0.6186
Daily Fibonacci 38.2%	0.6563
Daily Fibonacci 61.8%	0.6553
Daily Pivot Point S1	0.6551
Daily Pivot Point S2	0.6524
Daily Pivot Point S3	0.6511
Daily Pivot Point R1	0.6591
Daily Pivot Point R2	0.6604
Daily Pivot Point R3	0.6631

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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