The New Zealand dollar has been really strong lately. Will it beat the multiyear highs?
NZD/USD rising inside impulse wave 3 and (3)
2019-11-11 • Updated
- NZD/USD rising inside impulse wave 3 and (3)
- Next buy targets - 0.7070 and 0.7130
NZD/USD continues to rise sharply inside the minor impulse wave 3, which started earlier from the strong support zone lying between the pivotal support level 0.6900 (which also reversed the price sharply in December and March, as can be seen below) and the lower daily Bollinger Band. The active minor impulse wave 3 belongs to the intermediate impulse (3) of the primary impulse wave ③ from December.
NZD/USD is expected to rise further to the next buy target at the resistance level 0.7070 (top of the earlier b-wave) – the breakout of which can lead to further gains toward 0.7130 (former monthly low from February).
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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