NZDUSD (1H) - short term bearish bias
The kiwi continues to fall back towards the moving averages on the daily chart. This is a textbook mean reversion play after a stellar rise over the past month. While the medium term trend stays bullish, a deeper retracement is likely at the moment. On the hourly chart, the rebound around 0.6640 only gave the pair a breather by lifting the RSI back into the neutral area. However, it failed to provide enough support and its breach could trigger another round of sell-off.
Key support: 0.6625
Key resistance: 0.6670
The kiwi continues to fall back towards the moving averages on the daily chart. This is a textbook mean reversion play after a stellar rise over the past month. While the medium term trend stays bullish, a deeper retracement is likely at the moment. On the hourly chart, the rebound around 0.6640 only gave the pair a breather by lifting the RSI back into the neutral area. However, it failed to provide enough support and its breach could trigger another round of sell-off.
Key support: 0.6625
Key resistance: 0.6670