The New Zealand dollar has been really strong lately. Will it beat the multiyear highs?
NZD/USD broke key resistance level 0.7370
2019-11-11 • Updated
- NZD/USD broke key resistance level 0.7370
- Next buy target - 0.7480
NZD/USD has been under strong bullish pressure lately – following the earlier breakout of the key resistance level 0.7370 (which had reversed the price sharply in November and February, as can be seen from the daily NZD/USD chart below). The breakout of the resistance level 0.7370 accelerated the active minor impulse wave – which belongs to the impulse (1) of the primary upward impulse wave ③ from the start of May. NZD/USD is expected to rise to the next buy target at the next resistance level 0.7480.
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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