NZD/USD Technical Analysis: Kiwi bulls faced with 0.7050 barrier, trapped in wedge formation

• Kiwi bulls made two attempts to trade above the 0.7050 key figure but were not able to close above it suggesting NZD/USD might have a short-term pullback.  
• Additionally, NZD/USD has formed a potentially bearish wedge formation suggesting that the market is likely to correct to the downside in the near-future.  
• RSI, stochastics and MACD indicators have not confirmed the new high made this Wednesday.

NZD/USD 1-hour chart  

Spot rate:                       0.7032
Relative change:            0.12%      
High:                             0.7061
Low:                              0.7019

Trend:                          Neutral

Support 1:                    0.7020 demand level                
Support 2:                    0.7000 handle                                    
Support 3:                    0.6960 last Friday’s low      

                         
Resistance 1:               0.7050 figure
Resistance 2:               0.7100 April 27 high
Resistance 3:               0.7153 March 21 low