NZD/USD – Parabolic Move Into LT Resistance
|Price Action Context
The strong 500+ pip bull run that started in October last year took the kiwi all the way from 0.67 to 0.73 in roughly 3 months’ time. The move accelerated from the middle towards the end, producing a parabolic move leading up to a long-term resistance, suggesting a potential short-term exhaustion.
Trending Analysis
Our LT bias currently is neutral, and bears can look for potential short-term selling opportunities on strength into the long-term resistance with the closest key support starting to come in at around 0.65.
Key Support and Resistance Zones
R: 0.6700 – 0.6790
S: 0.6425 – 0.6500
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