Yesterday I
spoke about how NZD/USD is testing the resistance at 0.7240 and today the pair
managed to break above that resistance level and then continued moving to the
upside provoked by the announcement of the US change in Non-farm Payrolls.
Although initially the fundamentals caused a whipsaw – as they did for many
other currency pairs – something that often happens after the announcement of
this data, the pair recovered and continued climbing. Currently it is testing
the resistance level at the previous high at 0.7293. Depending on how the daily
candlestick will close today and how the pair will develop on Monday it will
become clear whether it is forming a double top or whether it will continue
moving to the upside towards 0.7380. I think that the latter scenario is more
valid, but time will tell.
It's very bullish indeed.
ReplyDeleteGood post, thank you!
ReplyDeleteUpside it is.
ReplyDeleteAlmost losing the gains from Friday.
ReplyDelete