NZD/USD Price Analysis: Bears are lurking in critical resistance area

NZD/USD bulls coming up for ain ahead of the keyUS event.
The price is on the backside of a daily trend, and the front side of the weekly/monthly bear trend.

Ross J Burland FXStreet

NZD/USD is higher by some 0.5% on the day so far and headed for a bullish close to starting the week. However, breakout traders chasing the move could find themselves in trouble as per the following technical analysis.

NZD/USD weekly chart

The price took out last month's low last week which is a bearish development looking forward while Kiwi remains on the front side of the dominant bearish trendline and below the following resistance:

The W-formation that is forming is also a bearish feature that could see the price struggle and hamstrung on bullish attempts. The W-formation is clearer on the line chart as follows:

NZD/USD daily chart

We also have a daily W-formation forming into the close on Monday and this reinforces the bearish prospects for days ahead as the countdown to the US Consumer Price Index gets underway.

That is not to say, however, that a test of resistance cannot happen before Thursday's main event. This leaves the 0.6470s exposed. In any case, traders will be looking to the lower timeframes for signs for deceleration from the bulls that could lead to a break of 0.6200 and the 0.6191 recent lows in time to come:

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.