NZD/USD Technical Analysis: Rally could stall on bearish divergence of the hourly RSI

The corrective rally in the NZD/USD pair gathered traction on Friday.
The currency pair rose to 0.6845 today but further gains could be hard to come as the hourly relative strength index (RSI) has diverged in favor of the bears.

Omkar Godbole FXStreet Contributor

1-hour chart

Spot Rate: 0.6835

Daily High: 0.6845

Daily Low: 0.6830

Trend: Bearish

Resistance

R1: 0.6851 (June 15 low)

R2: 0.6874 (50% Fib R of June 6 high - July 3 low)

R3: 0.6922 (June 25 high)

Support

S1: 0.6830 (23.6% Fib R of June 6 high - July 3 low)

S2: 0.68 (psychological level)

S3: 0.6775 (200-horu moving average)

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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