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The Kiwi’s Uptrend

Apr. 30, 2011 6:08 AM ET
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lytman02's Blog
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Since last March 17, the New Zealand dollar against the US dollar (NZD/USD) or the Kiwi pair has been trending up as seen at its 4-hour chart above.

If you notice, it’s been heading north in an ascending channel and have gained almost a thousand pips or better said it has increased its value by more than 10% against the US dollar in a month’s duration. Personally, with the Kiwi pair’s sudden upswing, a correction might be expected if it breaks down from the ascending channel. If it does, it could head lower and find some support around the 0.7822 area before it bounces back up or continue its descend. However, as long as the uptrend remains intact, this forex pair will most likely move upward until it encounters some selling pressure at its immediate resistance at 80.38.

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