Chart Art: Strong Resistance Levels on NZD/USD and GBP/NZD

I’ve got a Kiwi special comin’ right up, fellas!

Whether you’re bullish or bearish on NZD, these setups got you covered.

Check out these levels on NZD/USD and GBP/NZD:

NZD/USD 1-hour Forex Chart

Missed the double top breakdown on this one?

Don’t fret! You could still have a chance to hop in the selloff with this pullback setup.

NZD/USD is currently retesting the broken neckline support at .7500 that happens to be right smack in line with the 50% Fibonacci retracement level.

A larger pullback could still reach the 61.8% level at .6519, but technical indicators are hinting that sellers are eager to return right here.

I’m seeing a bearish moving average crossover, signaling that resistance levels are likely to hold, and Stochastic is already reflecting overbought conditions. That means Kiwi bulls might take it easy from here, allowing bears to drag NZD/USD back down to the swing low or lower.

GBP/NZD 4-hour Forex Chart

GBP/NZD 4-hour Forex Chart

If you’re up for trading ranges, then this simple setup on the 4-hour chart of GBP/NZD is worth keeping tabs on.

The pair has been pacing back and forth between resistance around the 1.9550 mark and support at the 1.9150 minor psychological level. Price is closing in on the range resistance, probably going for another bounce off the top.

Will sellers still defend the ceiling?

Technical indicators seem to suggest so, as the 100 SMA is gearing up for a bearish crossover from the 200 SMA. At the same time, Stochastic made it to the overbought region to indicate exhaustion among buyers.

Turning lower would mean that sellers are returning, likely taking GBP/NZD back down to the bottom of the range again.

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