NZD/USD Technical Analysis: Bull RSI divergence on 1H chart, focus on CNH

Omkar Godbole FXStreet Contributor

The NZD/USD pair beat the 200-day moving average (MA) hurdle at 0.6765 soon before press time and could rise further to 0.68 as the hourly chart is reporting a bearish-to-bullish trend change.

At press time, most currencies are reporting gains against the greenback, possibly tracking the strength in yuan. The USD/CNH pair (offshore yuan exchange rate) is currently trading 0.13 percent lower on the day at 6.7737, having clocked a low of 6.7646 earlier today.

NZD/USD hourly chart

The bullish relative strength index (RSI) divergence and the channel breakout seen in the above chart has likely set the tone for a test of supply around 0.67.

The bull breakout, however, could be short-lived if USD/CNH picks up a bid and jumps past the session high of 6.7843.

Trend: cautiously bullish

NZD/USD

Overview:
    Today Last Price: 0.677
    Today Daily change: 0.0021 pips
    Today Daily change %: 0.31%
    Today Daily Open: 0.6749
Trends:
    Daily SMA20: 0.6813
    Daily SMA50: 0.6799
    Daily SMA100: 0.6724
    Daily SMA200: 0.6757
Levels:
    Previous Daily High: 0.6767
    Previous Daily Low: 0.6729
    Previous Weekly High: 0.6907
    Previous Weekly Low: 0.6729
    Previous Monthly High: 0.694
    Previous Monthly Low: 0.6516
    Daily Fibonacci 38.2%: 0.6744
    Daily Fibonacci 61.8%: 0.6752
    Daily Pivot Point S1: 0.673
    Daily Pivot Point S2: 0.671
    Daily Pivot Point S3: 0.6692
    Daily Pivot Point R1: 0.6768
    Daily Pivot Point R2: 0.6786
    Daily Pivot Point R3: 0.6806

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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