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NZD/USD: entering the six-year resistance zone
2021-02-19 • Updated
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.
Therefore, we have two conclusions:
- The resistance zone 0.7270 – 0.7300 may send NZD/USD into a bearish reversal similar to how it did in December-January.
- 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.
- 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.
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