Technical Analysis

NZD/USD Tests Downtrend Line Resistance


NZD/USD has seen a substantial 6.22% retracement since February 7.

Since the end of April, the downtrend has held above a significant support line at 0.6800, suggesting the bearish momentum has been waning.

The price further broke the next psychological level at 0.6900 on Wednesday, as a result of the weakening of USD caused by Trump's Russia leak scandal.

On the daily chart, NZD/USD bulls are currently testing the mid-term major downtrend line resistance.

If the trend line is broken, we can expect that the price will go further up.

Conversely, if the bulls fail to break the resistance, we will likely see a pullback.

The resistance level is at 0.6950, followed by 0.6970 and 0.7000.

The support line is at 0.6900, followed by 0.6870 and 0.6840.

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