- NZD/USD found some resistance at the 0.7025 level and the 200-period simple moving average on the 4-hour time-frame suggesting a pullback from the recent 140-pip move up can be underway.
- The pullback may extend down to 0.6975 which is May 22 high.
- NZD/USD bulls created a strong bull breakout on Wednesday which is NZD/USD best daily advance since mid-February.
- NZD/USD is trading above its 50 and 100-period simple moving averages on the 4-hour chart, suggesting overall bullish momentum.
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Spot rate: 0.7000
Relative change: 1.22%
High: 0.7025
Low: 0.6968
Trend: Neutral
Support 1: 0.6975 May 22 high.
Support 2: 0.6900 handle
Support 3: 0.6851 May 16 and 2018 low
Resistance 1: 0.7025 current Wednesday’s high
Resistance 2: 0.7053 May 4 high
Resistance 3: 0.7153 March 21 low
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