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NZDUSD – Strong Attack On Major Resistance (Weekly chart)
Seven consecutive weeks of strong buying has taken the kiwi all the way back up to the major long term resistance zone (0.7340-0.7430).
The buying has been very consistent, showing a strong bullish imbalance in the order flow which likely will take some serious effort from the bears to stop or reverse.
If the resistance holds, there’s a good chance we’ll initially see a move back down IMO towards 0.72, whilst a strong break and close above the zone would put 0.7650 into focus.…... Keep reading