NZD/USD Price Analysis: Drops amid overbought RSI, eyes 21-HMA support

NZD/USD is correcting from eight-week highs of 0.7287, as the US greenback is trying a comeback throughout its predominant friends after the dovish Fed-induced sell-off.

Meanwhile, the current surge in commodities and inventory expenses additionally advantages the higher-yielding kiwi.

At the time of writing, the Kiwi trades at 0.7255, modestly flat on the day, searching to check the bullish 21-hourly transferring common (HMA) assist at 0.7243.

The modern day leg down in the spot can be attributed to the overbought stipulations on the Relative Strength Index (RSI), as the oscillator grew to become south and dragged the charge decrease alongside.

A ruin beneath that stage should expose the 0.7200 demand area, which will act as sturdy support.

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