NZD/USD reached overbought levels according to the RSI and found strong resistance just after touching a four-month high of 0.6580.
NZD/USD appears to be resting at the 0.5994 support level.
NZD/USD has turned flat around the 0.5961 level, that being the 38.2% Fibonacci retracement of the down leg from 0.6754 to 0.5468.
NZD/USD created a higher low at 0.5921 and strengthened above the middle Bollinger band.
NZD/USD has gained ground this week, advancing above the ten-and-half-year low of 0.6190 and the short-term moving averages.
NZD/USD’s decline from the beginning of the year off the peak of 0.6754 has retraced underneath the 200-period SMA.
NZD/USD traded with losses over the last two weeks, following the pullback of the five-month high of 0.6754 and now.
NZD/USD opened below the support of 0.6722, after plotting a five-month high of 0.6754 for the end of 2019.
NZD/USD flipped back into the 0.6500 level after failing to hold above the 0.6600 bar.
NZD/USD runs significantly above the neckline of the bullish inverse head and shoulder formation.