NZD/USD intraday: the RSI is overbought

Trading Central 2021-01-13 05:00:05

0.7201 is our pivot point.

Our preference: the upside prevails as long as 0.7201 is support.

Alternative scenario: below 0.7201, expect 0.7176 and 0.7161.

Comment: the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 0.7187 and 0.7178). Finally, the NZD/USD is trading above its upper Bollinger band (standing at 0.7226).

Supports and resistances:

0.7303 **

0.7288 *

0.7273 **

0.7258

0.7227 last

0.7211

0.7201 **

Disclaimer
The trading strategy containing reference trading prices and analysis opinions is provided by the third-party provider Trading Central.And the trading strategy is only the personal research and judgment by analysts,which is not a statement of facts.No representation or warranty is given as to the accuracy or completeness of this strategy. Consequently any person acting on it does so entirely at their own risk. TOP1 accepts no responsibility for any use that may be made of these comments and for any consequences that result.

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