- NZD/USD trades near 0.7089 versus 0.7013 early Monday.
- Charts indicate uptrend fatigue and scope for a pullback.
NZD/USD’s rally from the early November low of 0.66 looks to have paused near 0.71. The pair has repeatedly struggled to establish a foothold above that psychological hurdle since Dec. 3.
The pair is currently trading near 0.7088, having printed a session high of 0.7013 early Monday.
Rejections at 0.71, particularly the ones seen following Thursday’s bullish marubozu candle, indicate uptrend exhaustion and scope for a pullback. The failed channel breakout seen on the 4-hour chart is also conveying a similar message.
Support is seen at 0.7060 (10-day SMA), followed by 0.70. Meanwhile, resistance is located at 0.7113 (Friday’s high). A close higher would signal a continuation of the rally from November lows near 0.66./
Daily chart
Trend: Neutral
Technical levels
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