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 - 0.7200
NZD/USD recently reversed down from resistance zone lying between the strong resistance level 0.7430 (which has been steadily reversing the pair from last September, as can be seen below) and the upper daily Bollinger Band. The last two downward reversals from the resistance level 0.7430 created the daily Japanese candlesticks reversal pattern Shooting Star. NZD/USD is expected to fall further toward the sell target at the next support level 0.7200 (low of wave (2)).
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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