The 4-hour chart for NZD/USD shows that the pair has reached strong support at 0.5870 and initiated a solid rebound from this level. The overall structure remains bullish as long as the 0.5870 support holds. This bullish setup stems from a strong rebound off the long-term support near 0.5500.
A breakout above 0.6150 is needed to confirm a sustained upside move. However, the recent rebound appears driven by oversold market conditions, as indicated by the RSI. If the US dollar continues to rally, NZD/USD may break below 0.5870 and resume its downward momentum.
