NZD/USD intraday: the RSI is oversold
Our pivot point stands at 0.5794.
Our preference: the downside prevails as long as 0.5794 is resistance.
Alternative scenario: the upside breakout of 0.5794, would call for 0.5816 and 0.5829.
Comment: the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 0.5794 and 0.5817).
Supports and resistances:
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