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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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