NZD/USD Technical Analysis: Bulls in control for the first time in six weeks

• The main feature of the week is the 140-pip bull run which comes after the Kiwi has been in a strong bear trend in the last weeks.
• This Wednesday was the best daily advance since mid-February as the bulls are trying to reverse the current bear trend.  
• In order to confirm a reversal, bulls will need to break above the 200-period simple moving average on the 4-hour chart which is located near the current week’s high at 0.7025.
• This is the first bullish week in the last six suggesting kiwi bulls are starting to wake up.  

NZD/USD weekly  chart  

Spot rate:                     0.6980
Relative change:          -0.23%      
High:                             0.7021
Low:                              0.6960

Trend:                            Neutral to bullish on a break of 0.7025

Support 1:                    0.6960 current Friday’s low                
Support 2:                    0.6900 handle                                    
Support 3:                    0.6851 May 16 and 2018 low      

Resistance 1:              0.7025 current Thursday’s high                                  
Resistance 2:              0.7053 May 4 high
Resistance 3:              0.7153 March 21 low