The New Zealand dollar saw support after retail sales showed a 2.5% increase in Q1. The pair is hovering above a major support (77.70) from the daily chart.
The psychological level at 78.00 has seen strong buying interest after the bears’ failed to push lower on several occasions. The support-turned-resistance at 78.50 has so far capped the kiwi’s rebounds.
A bullish breakout would send the price towards 79.00. An overbought RSI may signal a brief pullback for the bulls to gather momentum.
