NZD/USD Technical Analysis: initial signs of bullish exhaustion

   •  Remains confined within a four-day-old broader trading range, forming a rectangular chart pattern on hourly charts.
   •  With short-term technical indicators gradually easing from the bullish territory, a break below 50-period SMA on the 4-hourly chart should expose the key 0.70 psychological mark.
   •  A sustained move beyond the 0.7055-60 supply zone might negate any negative outlook and pave the way for an extension of the recent recovery move from YTD lows.

NZD/USD 4-hourly chart

Spot Rate: 0.7043
Daily High: 0.7054
Daily Low: 0.7017
Trend: Indecisive

Resistance
R1: 0.7063 (R3 daily pivot-point)
R2: 0.7088 (50-day SMA)
R3: 0.7124 (200-day SMA)

Support
S1: 0.7028 (daily pivot-point)
S2: 0.7000 (psychological round figure mark)
S3: 0.6976 (200-period SMA H4)