Can NZD/USD continue higher??
The NZD/USD move which started on 12th May, has climbed almost 350 pips upwards.
But it has halted at resistance level 0.7225
Will the kiwi continue its climb or reverse at this point?
A strong reversal would require several conditions to occur
1) failure of price to break resistance to move higher
2) strong FOMC commentart, leading to stronger USD
3) weak NZD economic GDP data
If these conditions are fulfilled, we could see a big move downwards on the nzd/usd
But it has halted at resistance level 0.7225
Will the kiwi continue its climb or reverse at this point?
A strong reversal would require several conditions to occur
1) failure of price to break resistance to move higher
2) strong FOMC commentart, leading to stronger USD
3) weak NZD economic GDP data
If these conditions are fulfilled, we could see a big move downwards on the nzd/usd
Order cancelled:
Price was not able to break below/bounce off resistance level