Moreover, by the middle of Monday’s trading session the currency pair had even surged to new high levels. At 12:00 GMT on Monday the pair had already almost touched the 0.73 mark.
In addition, the recent surge of the Kiwi against the Buck can be observed to have occurred in a narrow range short term pattern. The pattern is likely going to guide the pair up to the resistance of the weekly R1, which is located at the 0.73 mark.
As it was forecasted the New Zealand Dollar extended its gains until it finally reached the next resistance level against the Greenback. Namely, the pair changed its direction after meeting various resistance levels just above the 0.73 mark.
The move resulted in a decline, which took the form of a junior descending channel. However, by the middle of Tuesday’s trading the pair had reached the support line of a medium sized ascending channel pattern. Afterwards it began a rebound, which was slowed down by the 55-hour simple moving average.
In general, if the 55-hour SMA is passed, the pair should continue the ascent and make an attempt to break above the 0.73 level.
The New Zealand Dollar has extended the decline against the US Dollar, and pressed for a larger review. Namely, the decline confirmed that the previous forecast was wrong. However, after the full review, it can be seen that the currency exchange rate recently met with the upper trend line of a massive ascending channel pattern.
By the middle of Wednesday, the descent of the rate had passed the support of the previously active ascending pattern and was about to be squeezed near 0.7270.
Although. it was expected that the rate would break to the downside and begin to decline down to the 0.7220 mark.
An unexpected turn of events occurred in regards to the New Zealand Dollar against the US Dollar currency pair. Namely, the pair rebounded and gained new high levels before it was previously forecast.
As it turns out there is another pattern at work on the currency pair. The pattern provided the needed support for the currency pair to initially break through a strop resistance level, near the 0.7280 mark.
Moreover, after touching a new high level and bouncing off dominant resistance the pair once more was prepped up by the newly discovered patterns support.
It is highly likely that the pair is set to soon reach a new high level.
However, by the middle of Friday’s trading session the currency pair had retreated below the weekly R1 at 0.73 and below the combined support of the 55 and 100-hour simple moving averages just below the 0.7290 mark.
Moreover, the pair was about to once more meet with the lower trend line of the medium pattern. If it passes the line, it is likely going to decline down to the 0.7260 mark. At that level a 61.80% Fibonacci retracement level was located.
The New Zealand Dollar has passed the support of the previously active medium channel up pattern against the US Dollar. However, the currency exchange rate was not below Friday’s trading session’s levels.
That was due to the fact that during the middle of Monday’s trading session, fundamental events caused the currency pair to surge upwards until it suddenly stopped.
Due to that reason another look was taken at the chart and a new detail was noticed.
By using the stopping level and the two previous high level, a resistance line can be spotted, which is likely to act as a resistance level until the end of this week.
However, the move had resulted in a stop just before 12:00 GMT. The pair had reached the upper trend line of a dominant channel up pattern. Due to that reason the situation needs to be watched closely, as a short term retracement might occur.
Although, because the recent surge was caused by large scale fundamental events, the pair might also break the trend line’s resistance and head for the 0.7425 mark, where the weekly R3 is located at.
its gains against the US Dollar and reached a new high level. Namely, the 0.74 mark had been touched.
However, the pair moved back to the dominant channel after it was stopped by the monthly pivot point level at 0.7420. By the middle of Thursday’s trading session pair is stranded between SMAs.
The pair's movement is indecisive and trying to gather some momentum to move
either north or south. Also, the 100— hour SMA is providing support at the level of