The New Zealand dollar has been really strong lately. Will it beat the multiyear highs?
NZD/USD broke support zone
2019-11-11 • Updated
- NZD/USD broke support zone
- Next sell target - 0.7100
NZD/USD today broke through the support zone lying between the key support level 0.7200 (which has reversed the formed downward corrections (iv), (b) and (a), as can be seen below) and the 50% Fibonacci retracement of the earlier sharp upward impulse from the middle of May. The breakout of this support zone should accelerate the active c-wave of the minor ABC correction B from July. NZD/USD is expected to fall to next sell target at the next support level 0.7100 (target price for the completion of wave B).
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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