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18 Jul 2018
NZD/USD Technical Analysis: Kiwi sags against the USD as Dollar bulls step up
- The Kiwi is pushing back into the week's lows as the NZD steps down against the US Dollar, which is getting a boost from a hawkish Fed chair Jerome Powell.
- Firm bearish trend is still in place on higher timeframes, traders should keep bias shifted to the short side and wait to sell on pullbacks.
- A failure for the bulls to break through the year's low at 0.6686 could see a sharp reversal develop.
NZD/USD Chart, 15-Minute
| Spot rate: | 0.6770 |
| Relative change: | -0.17% |
| High: | 0.6785 |
| Low: | 0.6766 |
| Trend: | Bearish |
| Support 1: | 0.6753 (previous week low) |
| Support 2: | 0.6705 (100.0% Fibo expansion level) |
| Support 3: | 0.6686 (2018 low; major technical bottom) |
| Resistance 1: | 0.6785 (current day high) |
| Resistance 2: | 0.6839 (current week high) |
| Resistance 3: | 0.6858 (previous week high) |