The New Zealand dollar has been really strong lately. Will it beat the multiyear highs?
NZD/USD: main trend still bearish
2019-11-11 • Updated
The main trend is still bearish. There's a 'Double Top' pattern, which has been confirmed, so the price is likely going to test the nearest support at 0.6543 in the short term. However, previously we had a 'Thorn' pattern, so it's possible to have an upward correction little later on. So, if any bullish pattern forms thereafter, the pair could test the closest resistance at 0.6579 - 0.6687.
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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