Long-term trendline hurdle may hold for now


  • The NZD/USD pair is flirting with the trendline sloping downwards from the April 13 high and July 26 high but may have a tough time scaling it as the relative strength index (RSI) one the hourly and 4-hour chart is flashing overbought conditions. 
  • So, a minor pullback could be in the offing and more importantly, that could recharge engines for a convincing break above the long-term trendline resistance.

Hourly chart 

Daily chart

Spot Rate: 0.6705

Daily High: 0.6720

Daily Low: 0.6687

Trend: Neutral

Resistance

R1: 0.6720 (Daily high + trendline hurdle)

R2: 0.6769 (50-day MA)

R3: 0.6851 (July 26 high)

Support

S1: 0.6687 (session low)

S2: 0.6651 (5-day MA)

S3: 0.6616 (10-day MA)



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