NZD/USD Technical Analysis: Kiwi bulls faced with 0.7050 barrier, trapped in wedge formation
|- Kiwi bulls made two attempts to trade above the 0.7050 key figure but were not able to close above it suggesting NZD/USD might have a short-term pullback.
- Additionally, NZD/USD has formed a potentially bearish wedge formation suggesting that the market is likely to correct to the downside in the near-future.
- RSI, stochastics and MACD indicators have not confirmed the new high made this Wednesday.
NZD/USD 1-hour chart
Spot rate: 0.7032
Relative change: 0.12%
High: 0.7061
Low: 0.7019
Trend: Neutral
Support 1: 0.7020 demand level
Support 2: 0.7000 handle
Support 3: 0.6960 last Friday’s low
Resistance 1: 0.7050 figure
Resistance 2: 0.7100 April 27 high
Resistance 3: 0.7153 March 21 low
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