NZD/USD Rocketed. Is Rally Over?
The riskier New Zealand dollar skyrocketed and pushed the NZD/USD pair up to the resistance level of 0.7150. How to trade it now?
NZD/USD: bulls showed strength
2019-11-11 • Updated
Recommendations:
BUY 0.7370, SL 0.7315, TP1 0.7450, TP2 0.7470
BUY 0.7290, SL 0.7235, TP 0.7450
On the daily chart, inability of bears to lead NZD/USD outside of the bullish trend channel points at their weakness. The condition required for continuation of the rally to 0.7450 (113% target of the “Shark” pattern) is the settlement of the New Zealand’s dollar above support at 0.7345 with the following increase to July high.
On H1, NZD/USD managed to return to the uptrend. As long as the pair is trading above 0.7210, the outlook will remain bullish.
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