The New Zealand dollar increased its value by 20% against the Japanese Yen (NZD/JPY) from 55.00 to 66.00 in less than a month. Afterwards it started consolidating sideways as seen in the 4-hour chart above. In the process, there could be a bullish setup particularly a 1-month symmetrical triangle forming which could propel this forex pair to rise once more.
The New Zealand dollar versus the US dollar (NZD/USD) is currently at 0.7770. In simple terms, 0.7770 USD is equal to 1.00 NZD. In my technical perspective, from September of 2009 to 2010, the forex pair consolidated sideways and formed an inverted head and shoulders on an uptrend. A month after, it broke out from the said pattern until it reached a 2-year high of 0.7975.
Hello once again forex fans! Earlier today, I presented the recent price action of the Aussie-USD pair. Now, it’s the Kiwi’s turn to be on the spotlight. On this canvas is an update of the NZDUSD pair which I posted yesterday (kindly click here to see my blog yesterday).
Hiyo FX fans! On this post is an update of the NZDUSD pair which I posted on June 22 (kindly click here to see my previous entry). Now, perhaps you are asking what’s up with my title. Well, it’s exactly what it is cause if you check out the 4-hour canvas of the pair, it has since consolidated within a rectangle or a box after breaking out from a double bottom and a symmetrical triangle.
The NZDUSD pair has come a long way from my last post (click here). Looking at its 4-hour chart, you can see that it has recently broken out from a double bottom formation. Now, a double bottom is generally seen as a downtrend reversal pattern. Given this, the New Zealand dollar could rise against the USD in the short term.
In my post last Friday about the NZDUSD, I asked if the Kiwi’s recent surge against the greenback was about to turn sour. During the past couple of weeks. the NZDUSD had noticibly been rallying within a rising wedge formation. Technicals traders, however, deem this pattern as bearish since for them wedges just represent a correction in prices.
Those who are long on the New Zealand dollar have had quite a relief these past couple of weeks due to the Kiwi’s turnaround. As you can see from its daily chart, the NZDUSD pair has rallied back after marking a new low this year at 0.65618.
So what’s up with the Kiwi (NZD) nowadays? Well, as you can see from the chart, the New Zealand dollar appears to have been doing well lately. After dipping to a low of 58.674 against the Japanese yen, it has been able to pull itself up and keep its head above water. Presently, the NZDJPY pair is trading just below 62.50.
