The New Zealand dollar has been really strong lately. Will it beat the multiyear highs?
NZD/USD broke support level 0.7340
2019-11-11 • Updated
- NZD/USD broke support level 0.7340
- Next sell target - 0.7200
NZD/USD today broke below the support level 0.7340 (former resistance level from June which was set as the sell target in our earlier forecast for this currency pair). The breakout of the support level 0.7340 should accelerate the active minor corrective wave 2 (which started earlier from the powerful resistance level 0.7550). NZD/USD is expected fall further toward the next sell target at the next support level 0.7200 (low of the previous corrective waves 4 and (2)).
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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