The NZD / USD is at two-year highs after eroding the highs of December 2018, January and March 2019 at 0.6939 / 70. The kiwi now looks to the June 2018 high of 0.7061, says Karen Jones, Technical Analysis Research Team Leader at Commerzbank.
Key statements:
“The NZD / USD is eroding the December 2018, January and March 2019 highs at 0.6939 / 70 as previously forecast. Above this, the June 2018 high can be found at 0.7061 and the 78.6% retracement at 0.7111. This is considered the last defense for the 2018 highs at 0.7436 “.
“A minor support is seen below the November 13 low of 0.6810, at the September highs at 0.6799 / 90 and a more important support at the July and October highs at 0.6726 / 16.”
“We will maintain our medium-term bullish forecast as long as the cross remains above the current November low of 0.6588. Below is the key support from the August low and September high at 0.6488 / 0.6799 ”.
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