NZD/USD: entering the six-year resistance zone

Read the article on FBS website

NZD/USD is in a historically spectacular episode. Currently, it trades above 0.7260. In doing so, it’s testing the last highs of February. Also, it’s in the highest zone since January. Above, it has the resistance zone of 0.7270 – 0.7300.

21.png

Therefore, we have two conclusions:

  1. The resistance zone 0.7270 – 0.7300 may send NZD/USD into a bearish reversal similar to how it did in December-January.
  2. If NZD/USD crosses that zone, it will be aiming at 0.75 – the high of 2017 and the six-year high at the same time.
  3. On the weekly chart, the bullish rally to 0.73 has been notably aggressive. Therefore, corrections to 0.70 or 0.68 should not be discarded as possible scenarios.

22.png

                                                                                           LOG IN

FBS Analyst Team

Share with friends:

Similar

Latest news

Instant opening

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.