- NZD/USD is spiking down and broke below 0.7000 but is still within Wednesday’s range as it is testing the 100-period simple moving average on the 4-hour chart.
- NZD/USD has been in a range from early June. The 0.6960 level, June 1 low, is likely the key support to break for having a bear trend confirmation.
- NZD/USD is evolving in an expanding triangle which can lead to a strong breakout once the market decides on a clear direction.
NZD/USD 15-minute chart
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Spot rate: 0.6992
Relative change: -0.46%
High: 0.7045
Low: 0.6987
Trend: Neutral to bearish on break below 0.6960
Support 1: 0.6977 last week’s low
Support 2: 0.6960, June 1 low
Support 3: 0.6923 supply/demand level
Resistance 1: 0.7000 figure
Resistance 2: 0.7020, 200-period SMA (15m)
Resistance 3: 0.7054 current week’s high
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