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  • The Kiwi is popping in early Monday trading, but volumes remain light and markets are bracing for further trade war action, limiting bulls’ potential.
  • The last swing high is also marking in a lower high, and bulls are facing down three weeks of steady declines.
  • Last week’s bottom at 0.6500 is a major low for 2018, and the key handle could give way to further bottoms.

NZD/USD Chart, 1-Hour

Spot rate 0.6555
Relative change 0.12%
High 0.6558
Low 0.6538
   
Trend Sideways to bearish
   
Support 1 0.6538 (current day low)
Support 2 0.6500 (major technical level)
Support 3 0.6400 (major technical level)
   
Resistance 1 0.6564 (200-hour EMA)
Resistance 2 0.6595 (previous week high)
Resistance 3 0.6616 (two-week high)

 

Expert score

5

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