NZD/USD Technical Analysis: Corrective bounce ahead, bull divergence on 1H RSI

• The bullish divergence of the relative strength index (RSI), as seen in the hourly chart, indicates that the NZD/USD pair could rise to trendline resistance, currently located at 0.6455.
• A violation there would add credence to the bull RSI divergence and would open up upside toward the falling 50-hour exponential moving average (EMA) of 0.6471.
• A break below 0.6424 would invalidate the bullish divergence of the RSI.

Hourly Chart

Spot rate: 0.6438

Daily HIgh: 0.6439

Daily Low: 0.6424

Trend: Bullish

Resistance

R1: 0.6455 (trendline hurdle)

R2: 0.6471 (50-hour EMA)

R3: 0.6486 (descending 5-day EMA)

Support

S1: 0.6424 (daily low)

S2: 0.64 (psychological level)

S3: 0.6347 (January 2017 low)