(Nov 15 Tuesday) The daily NZDUSD chart shows two declining tops 0.7486 (Sept 5) and 0.7400 (Nov 8) with the noticeable 30 day moving average sloping down from 0.7300 (Oct 3) to the current level of 0.7175.
Looking at the 14 day Relative Strenght Index, the 70 level is the overbought level and coincides with the Sept 5 high reversal of 0.7486 on Sept 5, while the second and lower peak of 0.7400 (Nov 8), provided a visible declining line in the 14 day RSI.
The current intraday chart at the bottom showed a peak today at 0.7144, which is part of the small shorcovering action on profit taking, but the overall picture is still part of the consolidation stage between 0.7450 and 0.7000 on the bigger daily chart. Both the 14 day and 30 day moving average are showing bias to easing.
The immedate intraday support levels are 0.7090 and 0.7070 while the resistance is 0.7140. The market awaits the news later today for both the U.S. Retail Sales and the New Zealand Global Dairy Price Index for clues .
If the downtrend correction should continue, expect 0.7030 (low from Oct 11) as the next support level.
The 14 day RSI oversold level on the other hand touched the 30 level with the equivalent spot low of 0.7040 from Oct 14, which should be a critical level to watch.
The 14 DMA Resistances: 0.7227 and 0.7144 - (intraday high). The 30 DMA Resistance 0.7195 and 0.7300.