NZD/USD Technical Analysis: Kiwi meltdown en route to 2018 low

NZD/USD is accelerating down for the fifth day in a row as it has lost about 200 pips in the last two weeks. Kiwi is now very close to the 2018 low at 0.6854. Bears are also likely targeting 0.6816 December 1, 2017 low and then the 0.6780 level, the 2017 low.
On the other hand, Kiwi bulls’ objective is to try to form a double bottom near the current 2018 low in order to break above the current wedge formation.

Flavio Tosti Independent Analyst

NZD/USD 15-minute chart

Spot rate: 0.6864
Relative change: -0.53%
High: 0.6918
Low: 0.6859

Trend: Bearish

Resistance 1: 0.6900-0.6923 area figure and supply/demand level
Resistance 2: 0.6960, June 1 low
Resistance 3 0.7000 figure

Support 1: 0.6854, current 2018 low
Support 2: 0.6816 December 1, 2017 low
Support 3: 0.6780, 2017 low

Author

Flavio Tosti

Independent Analyst

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