The New Zealand dollar has been really strong lately. Will it beat the multiyear highs?
NZD/USD reached buy target 0.7050
2019-11-11 • Updated
- NZD/USD reached buy target 0.7050
- Next buy target - 0.7130.
NZD/USD continues to rise after the earlier breakout of the resistance level 0.7050 (top of wave 4, which was set as the buy target in our earlier forecast for this currency pair). The breakout of the resistance level 0.7050 was preceded by the breakout of the 38.2% Fibonacci correction of the previous intermediate impulse wave (C) from the start of February, as can be seen below.
If the pair closes today above resistance level 0.7050 - NZD/USD can then be expected to rise to the next buy target at the resistance level 0.7130.
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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