NZD/USD Technical Analysis: Kiwi losing steam below 0.7050, starting to break down from wedge formation

NZD/USD broke below the ascending trendline of the rising wedge. Kiwi is currently supported at the 100-period simple moving average on the hourly time-frame.
A failure by the bulls to break above the 0.7050 resistance might see more sideways to down price action in the near-future.

Flavio Tosti Independent Analyst

NZD/USD 1-hour chart

Spot rate: 0.7033
Relative change: 0.12%
High: 0.7057
Low: 0.7033

Trend: Bearish below 0.7050

Support 1: 0.7020 demand level
Support 2: 0.7000 figure
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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