The New Zealand dollar has been really strong lately. Will it beat the multiyear highs?
NZD/USD: 34 Moving Average acted as resistance
2019-11-11 • Updated
There's a 'Double Bottom', which pushed the market higher, but the 34 Moving Average has acted as resistance, so the price is consolidating. Also, we've got a 'Triple Top' pattern, which supposed to be the beginning of a local downward correction. Thus, we should watch the nearest important support at 0.6622 - 0.6609 as a potential bearish target. If a pullback from this area happens little later on, there'll be a moment for another upward price movement towards the previously tested resistance at 0.6666 - 0.6683.
The dollar gains against low-yielding currencies on Wednesday, hitting a five-month high against the yen as US bond yields jumped on the prospects of further economic recovery.
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