The New Zealand dollar has been really strong lately. Will it beat the multiyear highs?
NZD/USD broke resistance zone
2019-11-11 • Updated
- NZD/USD broke resistance zone
- Next buy target - 0.7200
NZD/USD has been rising in the last few trading sessions after the earlier breakout of the resistance zone lying between the powerful resistance level 0.7050 (former support level from October) and the 38.2% Fibonacci correction of the previous downward impulse from September. The breakout of this resistance zone accelerated the active impulse waves 3 and (3). NZD/USD is rise further toward the next buy target at the resistance level 0.7200 (target for completion of wave (3)).
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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Bullish Scenario: Buys above 17910 with TP:18098.07, TP2:18277, and TP3: 18415 Bearish Scenario: Sells below 17850 with TP1:17730, TP2: 17700
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