The New Zealand dollar has been really strong lately. Will it beat the multiyear highs?
NZD/USD reversed from support area
2019-11-11 • Updated
- NZD/USD reversed from support area
- Next buy target - 0.7350
NZD/USD recently reversed up from the support area lying between the pivotal support level 0.7180 (which reversed the previous waves 4 and A, as can be seen below), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from last November. NZD/USD is expected to rise further toward the next buy target at next resistance level 0.7350 (top of the previous wave B).
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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The views here are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.