New Zealand Dollar: Taking a Break, Then a KitKat? - June 29, 2010
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.
Like what I said in my previous blog about the NZDUSD pair last June 17, the could be a short term buy on it. At that time, the pair had already broken out from a double bottom pattern. It then continued to consolidate within a symmetrical triangle before breaking out again. Furthermore, it also gapped up to begin this week’s trading. Presently, the pair is trading around 0.7100.
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.
What’s Up With the Kiwi These Days? – May 31, 2010
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.