Down more than 1.0%, 100-HMA guards immediate upside
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Bounces from 0.56, eyes trendline hurdle

  • NZD/USD’s 15-min chart shows a bullish indicator divergence. 
  • The pair could soon challenge key falling trendline hurdle. 

NZD/USD has bounced from session lows and looks set to challenge a descending trendline hurdle at 0.5671. 

The pair is currently trading at 0.5648, having hit a low of 0.5586 in early Asia. 

The recovery has confirmed a bullish divergence (higher low) of the relative strength index (RSI) on the 15-minute chart. Additionally, the indicator is reporting a symmetrical triangle breakout. 

As a result, further gains look likely. A break above the falling trendline resistance at 0.5671 would open the doors for 0.57. 

Alternatively, acceptance under 0.56 could bring in additional declines toward the recent low of 0.5469. 

15-min chart

Trend: Intraday bullish

Technical levels

 

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