NZD/USD Seeks Support

The US dollar recovers across the board thanks to rising Treasury yields. The Kiwi’s breakout above the daily resistance at 0.7150 may have put it back on a bullish trajectory.

However, a repeatedly overbought RSI and its bearish divergence indicate that the bulls have struggled to follow up.

Buyers are likely to be waiting on the sidelines and a pullback towards 0.7080 could be an opportunity. 0.7020 would be the second line of defense in case of a deeper correction.

A rebound above 0.7185 may resume the rally.

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