17 Sep 2018
NZD/USD Technical Analysis: Grasping for a foothold above 0.6550
- The Kiwi is popping in early Monday trading, but volumes remain light and markets are bracing for further trade war action, limiting bulls' potential.
- The last swing high is also marking in a lower high, and bulls are facing down three weeks of steady declines.
- Last week's bottom at 0.6500 is a major low for 2018, and the key handle could give way to further bottoms.
NZD/USD Chart, 1-Hour
| Spot rate | 0.6555 |
| Relative change | 0.12% |
| High | 0.6558 |
| Low | 0.6538 |
| Trend | Sideways to bearish |
| Support 1 | 0.6538 (current day low) |
| Support 2 | 0.6500 (major technical level) |
| Support 3 | 0.6400 (major technical level) |
| Resistance 1 | 0.6564 (200-hour EMA) |
| Resistance 2 | 0.6595 (previous week high) |
| Resistance 3 | 0.6616 (two-week high) |