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

GBP/USD trims losses, approaches 1.3500

GBP/USD adds to the multi-day negative streak, although it has managed to bounce off earlier four-week lows near 1.3470 on Wednesday. Meanwhile, Cable’s deep correction comes despite the tepid performance in the Greenback and the persistent geopolitical concerns.

EUR/USD slips back toward 1.1580 on USD recovery

EUR/USD comes under some pressure and revisits the 1.1580 region as the NA session draws to a close on Wednesday. That said, spot adds to Tuesday’s bearish performance while the Greenback is slowly gathering steam and leaving behind earlier lows.

Gold keeps the recovery in place; focus is back to $4,400

Gold continues to regain ground lost and sets its target on the $4,400 mark per troy ounce on Wednesday. The yellow metal’s rebound comes amid modest losses in the US Dollar, steady geopolitical uncertainty and mixed US Treasury yields.

Bitcoin and Gold Outlook: BTC comes under pressure, XAU rebounds amid US-Iran strikes

Bitcoin (BTC) remains neutral-to-bullish, edging lower near $77,000 support on Wednesday. The largest cryptocurrency by market capitalization has been unable to sustain a recovery after being rejected around $81,500 last Friday. Meanwhile, its downside appears broadly protected due to an established moving average cluster.

BoC recap: Risks are shifting as Oil prices and US trade actions complicate outlook

The Bank of Canada (BoC) left its overnight interest rate unchanged at 2.25% on Wednesday, as widely anticipated, but delivered a more cautious message as inflation risks increased and the recovery became harder to assess.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.