- Having beached the crucial support of 0.6682, the kiwi dollar is now flirting with the trendline sloping upwards from the Aug. 15 low and Aug. 20 low.
- Acceptance below the trendline support of 0.6672 would confirm the end of the corrective rally from the low of 0.6544 and will likely put the NZD bears back into the driver’s seat.
- A move above 0.6712 would revive the bullish view.
Hourly chart
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Spot Rate: 0.6675
Daily High: 0.6701
Daily Low: 0.6672
Trend: bearish below 0.6672
R1: 0.6687 (50-hour moving average)
R2: 0.6712 (hurdle on the hourly chart)
R3: 0.6763 (50-day moving average)
Support
S1: 0.6667 (5-day moving average)
S2: 0.6633 (50% Fib R of 0.6544/0.6721)
S3: 0.66 (psychological level)
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