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: kiwi’s flying in a wedge
2019-11-11 • Updated
TP1 0.7120 TP2 0.7055
On the daily chart, the inability of NZD/USD bulls to hold an important support at 0.7250-0.7265 points at their weakness. The odds of the reversal “Widening wedge” pattern will increase in the pair slides below 0.7170. On the other hand, a break of resistance levels at 0.7395 and 0.7475 will allow speaking about the uptrend’s resumption.
On H1, NZD/USD keeps forming a “Widening wedge”. A successful test of support at 0.7230 will create a possibility for a decline to 0.7120 and 0.7055.
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