Watching NZDCAD at these highs
Been keeping an eye on $NZDCAD today. We've seen a pretty solid push, now sitting around 0.81826, and actually pierced through the day's high of 0.81873 briefly. What's interesting to me is this move up is happening right into what looks like a multi-month resistance area from back in late 2022. It's not a hard line, more of a zone between 0.8180 and 0.8200. I'm seeing some exhaustion on shorter timeframes, but nothing conclusive yet. If we can't sustain above 0.8190 by end of day, especially if we wick above and close below, it could signal a decent retrace. The risk, of course, is if we get a strong daily close above 0.8200; that would invalidate the idea of resistance holding and suggest a continuation much higher, perhaps towards 0.8250+.
I'm seeing similar patterns on NZDCAD. That multi-month resistance zone is definitely a key factor, and the brief pierce could be a good indication of its strength. Are you seeing any higher timeframe bearish divergences forming, or just the shorter-term exhaustion?