Currency
by Alex Davies on November 19, 2018

NZDUSD Analysis – continuous growth leads to a breakout

About two weeks ago NZDUSD triggered a buy signal. Our technical analysis suggested that the price would have a small correction after it broke the long-term downtrend line shown on the graph below in black. After the correction, we expected the price to continue increasing.

NZDUSD Analysis - continuous growth leads to a breakout

Our predictions turned out to be right. After experiencing a slight pull-back, the price started to make gains. A few days after that, there was another correction, but the price continued to rise and make new higher highs. A significant milestone was reached when the price broke a horizontal resistance shown on the graph with an orange line at 0.685. Currently, this level is tested as a new support. We maintain our bullish outlook on the price and expect more growth to occur in the nearest future.

By Alex Davies

Alex Davies is a long-time trader with a background in statistical analysis. Davies has worked as a financial analyst since 2014 and has been writing technical analyses for various publications since 2015. Davies writes on different financial instruments including stocks, cryptocurrencies and currency pairs.

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