Dollar reverses losses

NZDUSD Technical Analysis Report 09 November, 2020

  • NZDUSD broke key resistance level 0.6760
  • Likely to rise to 0.6900

NZDUSD recently broke above the key resistance level 0.6760 (which previously reversed the price twice in September, as can be seen below). The breakout of the resistance level 0.6760 continues the predominant uptrend that can be seen on the daily NZDUSD charts and should accelerate the active minor impulse sequences (iii) and iii – which belongs to the impulse wave 5 from the end of September.

Given the actively developing bearish USD sentiment coupled with the growing NZD optimism – after Biden’s victory in US president elections – NZDUSD is expected to rise further toward the next resistance level 0.6900 (forecast price for the completion of the active impulse waves (iii) and iii). The price level 0.6760 is currently acting as strong support level which can be used to enter future longs.

Was this post helpful?