Apr 18, 2019
NZD/USD Technical Analysis: 0.6710/0.6700 questions sellers, falling wedge on 4H highlights 0.6770 resistance
NZD/USD daily chart
- NZD/USD trades near 0.6720 ahead of European open on Thursday. The pair recently bounced off 0.6710 – 0.6700 support-confluence comprising an ascending trend-line stretched since October 31 and a horizontal-line including lows marked since January 08.
- Pair’s recent pullback can avail 0.6770 as an intermediate halt during its upside to 0.6800 and then to the 0.6810 joint between 50-day simple moving average (SMA) and 100-day SMA. During the quote’s extended rise past-0.6810, 0.6840, 0.6880 and 0.6900 could become bulls’ favorites.
- On the downside break of 0.6700, sellers may wait for 0.6690 to validate the downturn till 0.6650 and then to January lows near 0.6585.
NZD/USD 4-Hour chart
- The pair forms “falling wedge” bullish formation on the four-hour (4H) chart that gets confirmed on the break of 0.6770, opening the door for its upward trajectory towards 0.6870.
- On the downside break of 0.6700 pattern support, recent lows near 0.6665 can gain bears’ attention.
NZD/USD hourly chart
- While 0.6730 acts as closest resistance-line, 61.8% Fibonacci expansion of current month moves near 0.6640 can please bears between 0.6650 and 0.6585.