NZDUSD was forced to move back after marking two consecutive weekly wins, thanks to resistance from the descending trendline, which has been joining the highs from the 2021 peak of 0.7463. The pullback from the three month high of 0.7169 sent the price below the 0.7100 level and the 200-day simple moving average (SMA), marginally though, turning the focus to the 38.2% Fibonacci retracement of the 0.7463 – 0. 6800 downleg at 0.7055. With the RSI and the fast Stochastics losing steam, and the MACD having reached [..]
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