NZD/USD Technical Analysis: Volatile Kiwi stays in range above 0.6960 key support

  • NZD/USD is spiking down and broke below 0.7000 but is still within Wednesday’s range as it is testing the 100-period simple moving average on the 4-hour chart. 
  • NZD/USD has been in a range from early June. The 0.6960 level, June 1 low, is likely the key support to break for having a bear trend confirmation.
  • NZD/USD is evolving in an expanding triangle which can lead to a strong breakout once the market decides on a clear direction.

NZD/USD 15-minute chart 

Spot rate:                      0.6992
Relative change:          -0.46%     
High:                             0.7045
Low:                              0.6987

Trend:                            Neutral to bearish on break below 0.6960

Support 1:                      0.6977 last week’s low
Support 2:                      0.6960, June 1 low
Support 3:                      0.6923 supply/demand level     

Resistance 1:                 0.7000 figure    
Resistance 2:                 0.7020, 200-period SMA (15m)                               
Resistance 3:                 0.7054 current week’s high

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