The New Zealand dollar has been really strong lately. Will it beat the multiyear highs?
NZD/USD rising inside intermediate impulse wave (3)
2019-11-11 • Updated
- NZD/USD rising inside intermediate impulse wave (3)
- Next buy targets - 0.7310 and 0.7370
NZD/USD has been rising in the last few trading sessions inside the intermediate impulse wave (3) – which started earlier from the support area lying between the pivotal support level 80.50 and the 50% Fibonacci correction of the previous sharp upward impulse from the start of June. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Bullish Engulfing. NZD/USD is expected to rise to the next buy targets at the resistance levels 0.7310 (top of impulse wave (1)) and 0.7370 (major resistance level 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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