Technical analysis of NZD/USD 03/24/2021

NZD/USD currency pair is developing a downward correction within an uptrend on the daily chart. The pair broke through the top level 0.7100 at which (23.6% Fibo), (MA100) and the lower line of the uptrend coincided.
Now quotes are in the area of 0.7000. The technical picture suggests a continuation of the downward correction to the area of the 0.6870 level, where (38.2% Fibo) and (MA200) coincide.
The divergence on the RSI indicator favors the development of the correction.
Cancellation of the option to continue the pair’s decline will be the growth of quotes above the annual maximum of 0.7450.

NZDUSD_STPDaily

Created by Joshua Hayn

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