NZD/USD Technical Analysis: Eroding three-week long falling trendline
|- The NZD/USD hourly chart shows the pair is eroding the trendline sloping downwards from June 14 high and June 24 high.
- A convincing move above trendline would signal a short-term bullish reversal.
- The chart also shows an inverted head-and-shoulder-like pattern.
Hourly chart
Spot Rate: 0.6760
Daily High: 0.6773
Daily Low: 0.6751
Trend: Bullish above the trendline hurdle
R1: 0.6783 (resistance on hourly chart)
R2: 0.6794 (200-hour moving average)
R3: 0.6826 (June 21 low)
Support
S1: 0.6750 (100-hour moving average)
S2: 0.6717 (61.8% Fib R of August 2015 low - July 2017 high)
S3: 0.6688 (July 3 low)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.