NZD/USD Price Outlook: Kiwi Rally Approaching Breakout Targets

The New Zealand Dollar has rallied more than 5.5% off the yearly lows with the advance now targeting up-trend resistance. Here are the updated targets and invalidation levels that matter on the NZD/USD charts this week. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

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NZD/USD Daily Price Chart

NZD/USD Daily Price Chart

Technical Outlook: Last month we highlighted the threat of a major breakout in NZD/USD as price was testing yearly downtrend resistance. Kiwi ripped higher into the start of November trade with the advance now targeting pitchforkresistance of the ascending formation we’ve been tracking off the September / October lows. Key daily support rests at the 6700/15 zone (tested yesterday) with a

Article source: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/scalping_report/2018/11/14/NZDUSD-Price-Outlook-Kiwi-Rally-Approaching-Breakout-Targets-New-Zealand-Dollar-Technical-Chart-Forecast-MBCS.html