NZD/USD intraday: the RSI is overbought

NZDUSD

Trading Central 2021-01-13 05:01:09

Our pivot point stands at 0.7201.

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

Alternative scenario: the downside breakout of 0.7201 would call for 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

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