NZD/USD Technical Analysis: Kiwi near 2018 lows post RBNZ

Flavio Tosti Independent Analyst

NZD/USD is trading near the 2018 low after the Reserve Bank of New Zealand (RBNZ) left interest rate unchanged at 1.75%.
The bearish momentum is strong with NZD/USD as the market is trading below its 200-period simple moving average on the 15-minute chart however bulls are staging a bull reversal after the release.
The next scaling points to the downside are likely located near the 0.6780 level, November 17, 2017 low and the 0.6750 figure

NZD/USD 15-minute chart

Spot rate: 0.6800
Relative change: 0.22%
High: 0.6807
Low: 0.6780

Trend: Bearish

Resistance 1: 0.6826 former 2018 low
Resistance 2: 0.6854, May 16 low
Resistance 3: 0.6900-0.6923 area figure and supply/demand level

Support 1: 0.6780 November 17, 2017 low
Support 2: 0.6750 figure
Support 3: 0.6675 May 30, 2016 low

Author

Flavio Tosti

Independent Analyst

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