- Rising trendline is coming under pressure from descending resistance as Kiwi’s technical relief rally runs out of steam.
- Bearish divergence on MACD implies further bearish action ahead.
- Swings in recent risk appetite haven’t generated a meaningful breakout for the Kiwi.
Spot rate: 0.7034
Relative change: 0.29%
High: 0.7040
Low: 0.7011
Trend: Bullish
Support 1: 0.7011 (current day’s low)
Support 2: 0.6998 (current week’s low)
Support 3: 0.6880 (last week’s low)
Resistance 1: 0.7040 (current day’s high, descending trendline)
Resistance 2: 0.7048 (last week’s high)
Resistance 3: 0.7120 (50% retracement level of April-May peak-to-trough)
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