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NZDUSD clocks fresh 5-month high; looks overbought
NZDUSD has been in a steep uptrend since its 2023 low of 0.5772, generating consecutive higher highs and a V-shaped recovery pattern. However, the latest advance seems substantially overstretched as the RSI has been within its overbought zone for more than a week. Should the price defy overbought signals, the bulls could aim at 0.6373, which is the 78.6% Fibonacci retracement of the 0.6536-0.5772 downtrend. Violating that crucial zone, the pair may ascend towards the December 2022 resistance of 0.6441. Even higher, further upside attempts could stall at the 2023 peak of 0.6536. On the flipside, if the pair ... (full story)