NZD/USD Technical Analysis: trapped below 0.66

  • The Kiwi hit into a multi-year low to open up the week before bouncing to close Monday's opening gap.
  • Broader market sentiment remains firmly in the risk-off camp despite the NZD's minor bounce for the day.
  • Changes in overall market sentiment are set to be the determining factor across the FX space as all of the charts heave in unison to match moves in the USD.

NZD/USD Chart, 15-Minutes

Spot rate:  0.6852
Relative change:  0.18%
High: 0.6593
Low:  0.6558
   
Trend:  Bearish
   
Support 1:  0.6558 (current low; 2018 technical bottom)
Support 2:  0.6507 (S3 daily pivot)
Support 3:  0.6445 (February 2016 low)
   
Resistance 1:  0.6593 (current high)
Resistance 2:  0.6684 (61.8% Fibo retracement level)
Resistance 3:  0.6762 (previous week high)

 

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