The New Zealand dollar has been really strong lately. Will it beat the multiyear highs?
NZD/USD reversed from support zone
2019-11-11 • Updated
- NZD/USD reversed from support zone
- Next buy target - 0.7430
NZD/USD recently reversed up from the support zone lying between the strong support level 0.7200, lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp upward impulse (1) from the middle of November. The upward reversal from this support zone started the active intermediate impulse wave (3). NZD/USD is expected to rise toward the next buy target at the next resistance level 0.7430 (top of the previous impulse wave (1)).
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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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