NZD/USD Technical Analysis: Kiwi drops to key rising trendline support

Having beached the crucial support of 0.6682, the kiwi dollar is now flirting with the trendline sloping upwards from the Aug. 15 low and Aug. 20 low.
Acceptance below the trendline support of 0.6672 would confirm the end of the corrective rally from the low of 0.6544 and will likely put the NZD bears back into the driver's seat.
A move above 0.6712 would revive the bullish view.

Omkar Godbole FXStreet Contributor

Hourly chart

Spot Rate: 0.6675

Daily High: 0.6701

Daily Low: 0.6672

Trend: bearish below 0.6672

Resistance

R1: 0.6687 (50-hour moving average)

R2: 0.6712 (hurdle on the hourly chart)

R3: 0.6763 (50-day moving average)

Support

S1: 0.6667 (5-day moving average)

S2: 0.6633 (50% Fib R of 0.6544/0.6721)

S3: 0.66 (psychological level)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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