The New Zealand dollar has been really strong lately. Will it beat the multiyear highs?
NZD/USD: pair consolidating above Moving Averages
2019-11-11 • Updated
The market is consolidating above the Moving Averages. Also, there's a local 'V-Bottom' pattern, so the pair is likely going to achieve the previously tested resistance at 0.6886 - 0.6902, which stopped bulls many times before. Thus, another pullback from this area could be a departure point for a downward correction in the direction of the Moving Averages.
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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