Back
23 Jul 2018
NZD/USD Technical Analysis: A bullish squeeze to start the new week has buyers defending 0.68
- The Kiwi saw a bearish start to the week, but quickly leaned to the bullish side to take out Friday's high before smoothing out above the 0.6800 major level.
- The pair remains constrained by consecutive lower highs on higher timeframes, and last week's peak on H4 candles at 0.6839 will be critical for bulls to capture if they want to maintain a recovery run.
- Kiwi bulls remain hopeful, and have continued to defend key lows near 0.6680, bolstering the NZD/USD from further declines.
NZD/USD Chart, 15-Minute
| Spot rate: | 0.6815 |
| Relative change: | 0.31% |
| High: | 0.6824 |
| Low: | 0.6783 |
| Trend: | Potential bearish pullback |
| Support 1: | 0.6783 (current day low) |
| Support 2: | 0.6755 (61.8% Fibo retracement level) |
| Support 3: | 0.6712 (previous week low) |
| Resistance 1: | 0.6839 (previous week high) |
| Resistance 2: | 0.6858 (July high) |
| Resistance 3: | 0.6920 (June 25th peak) |