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 - 0.7340
NZD/USD continues to decline after the earlier downward reversal from the resistance zone lying between the key resistance level 0.7480 (which stopped the previous sharp primary impulse wave in the middle of 2016 and which was set as the buy target in our earlier forecast for this currency pair), upper weekly Bollinger Band and the 50% Fibonacci correction of the previous sharp weekly downward impulse from 2014. NZD/USD is expected to fall to the next sell target at the next support level 0.7340.
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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