NZD/USD’s rally from the early November low of 0.66 appears to have paused close to 0.71. The pair has over and over struggled to set up a foothold above that psychological hurdle when you consider that Dec. three
The pair is presently buying and selling close to 0.7088, having printed a session excessive of 0.7013 early Monday.
Rejections at 0.71, mainly the ones considered following Thursday’s bullish marubozu candle, point out uptrend exhaustion and scope for a pullback. The failed channel breakout considered on the 4-hour chart is additionally conveying a comparable message.
Support is viewed at 0.7060 (10-day SMA), observed through 0.70. Meanwhile, resistance is positioned at 0.7113 (Friday’s high). A shut greater would sign a continuation of the rally from November lows close to 0.66./