NZD/USD Technical Analysis: Defense of 200-HMA could allow corrective rally

• The NZD/USD is defending the 200-hour moving average (MA) amid oversold conditions, the hourly chart shows.
• A minor corrective rally to 0.6650 could be in the offing before the bearish move unfolds.
• Acceptance below the 200-hour MA of 0.6623 would allow a drop below 0.66 (psychological level).

Hourly chart

Spot Rate: 0.6630

Daily High: 0.6640

Daily Low: 0.6620

Trend: Mildly bullish

Resistance

R1: 0.6663 (100-hour MA)

R2: 0.6681 (resistance as per the hourly chart)

R3: 0.67 (psychological level)

Support

S1: 0.6623 (200-hour MA)

S2: 0.6612 (61.8% Fib R of 0.6544/0.6721)

S3: 0.66 (psychological level)