NZD/USD seems to have found a bottom

NZD/USD seems to have found a bottom

NZD/USD is being offered below the 200 SMA at H1 chart and looks forward to break below the Fibonacci level of 65% at 0.6892. With that move, we can expect further weakness to test the lows from May 16th at 0.6848. If the pair manages to make a rebound at the current stage, then we can expect an advance to test the Fibonacci area of -23.6% at 0.7001. However, the US dollar’s strength should cap gains in the near term.

RSI indicator stays in the oversold territory.

NZDUSDH1.png

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