NZDUSD Overextended at key level

NZDUSD Overextended at key level

Key Resistance: 0.7460
Key Support: 0.7360 – 0.7340 -0.7287

Long Term View
The NZD/USD has been in a massive bull market since the March 2020 lows, up 36.20% or 1979 pips. We have hit a mayor key level now. The last time the NU was trading at these levels was back in February 2018 and at that time price dipped 26.5% for the next 750 days.

1H chart Analysis
Price is overextended here trading inside a very steep bullish structure and now testing the highs of the mid term bullish structure (blue channel).
Price was trading inside of a range before this move and we have hit the calculated breakout targets at the 2.618 of the range. Since the range was in place we have been printing bearish divergence.

Last week´s range was 158 pips and this week´s range is 183 pips. On avg. the NU moves around 135 pips per week so we are above that average weekly range at the top of the move.

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Author : Orlando Gutierrez

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