- 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