NZD/USD Technical Analysis: Kiwi flattening out as channel tightens at 0.70

The NZD/USD has been trading tightly in a sub-50 pip range for the better part of a week.
Lack of directional movement is breaking hourly indicators.
Market volatility is contracting ahead of Trump-Kim summit for Tuesday.

Joshua Gibson FXStreet

NZD/USD Chart, 1-Hour

Spot rate: 0.7019
Relative change: Negligible
High: 0.7026
Low: 0.7015

Trend: Flat

Support 1: 0.7013 (lower channel boundary)
Support 2: 0.6960 (two-week low)
Support 3: 0.6851 (technical bottom, five-week low)

Resistance 1: 0.7053 (current week's high, upper channel boundary)
Resistance 2: 0.7060 (two-week high)
Resistance 3: 0.7082 (R3 1-Day pivot)

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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