The New Zealand dollar has been really strong lately. Will it beat the multiyear highs?
NZD/USD reversed from resistance zone
2019-11-11 • Updated
- NZD/USD reversed from resistance zone
- Next sell target - 0.7250
NZD/USD today reversed down from the resistance zone lying between the strong, multi-month resistance level 0.7370 (which reversed the previous intermediate ABC correction (B) in February, as can be seen below) and the upper daily Bollinger Band. If the pair closes today near the current levels it will form the daily Japanese candlesticks reversal pattern Bearish Engulfing. Considering the strength of the aforementioned resistance level 0.7370, NZD/USD can then be expected to correct down further to the next sell target at the next support level 0.7250.
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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