The New Zealand dollar has been really strong lately. Will it beat the multiyear highs?
NZD/USD: kiwi came closer to the Rubicon
2019-11-11 • Updated
On the NZD/USD daily chart, quotes are moving within the downward trading channel. A break of its upper border can lead to the correction towards 0.707 and higher. In contrast, if the "bears" manage to keep the New Zealand dollar below the psychologically important level of 0.7, it might lead to the continuation of the downward movement and implementation of the 113% and 161.8% targets in the Shark and AB = CD patterns.
On the NZD/USD hourly chart, the further downward movement will depend on whether sellers manage to return quotes to within the borders of the downward trading channel. The drop of the pair below 0.697 can lead to the restoration of the downward trend.
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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