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.
More on LaidTrades.com ...
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.