HomeContributorsTechnical AnalysisNZD/USD Retraces To Major Support

NZD/USD Retraces To Major Support

The US dollar continues to creep up after the Fed’s hawkish tilt. The RSI’s overbought situation suggests that the kiwi’s initial breakout has over-stretched itself.

Buying interest could lie between 0.6980 and the psychological level of 0.7000. The bulls will need to clear the origin of the September sell-off (0.7110), and then they could seal the continuation of the rally towards 0.7210.

However, if this turns out to be a false rebound, a bearish breakout would dent the hope of recovery and send the pair to 0.6880.

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