NZD/USD chart - Trading View
NZD/USD was trading marginally weaker on the day at 0.7085 at around 10:00 GMT.
The pair is showing signs of exhaustion after a stellar performance in November month.
NZD/USD has shown a whopping 6.09% rise in the month of November and has extended its bull run for 6 straight weeks.
The major has ignored 'Gravestone Doji' formation in the previous week and has gained 0.75% for the week.
However, bulls are struggling at 78.6% Fib at 0.7111 which is capping upside for now. Break above finds next major hurdle at 200M MA at 0.7180.
MACD has flattened out and oscillators are at highly overbought levels which could dampen upside.
Volatility is high and rising and decisive break above 200M MA could propel the pair higher. Next major bull target lies at 88.6% Fib at 0.7320.
