The bear trend momentum in the New Zealand Dollar (NZD), Euro (EUR) kicked into another gear Monday deepening the long-term reversal seen in the cross from mid August’s 1.8460 (0.5420) to 1.7755 (0.5630) today. A breakout past 0.5585 (1.7900) looks to have completed on the chart, the signal needed for a new trend supporting the NZD for a run up to 0.5655 (1.7680). We will certainly see over the coming days if our direction hunch is correct, and the kiwi etches out a longer-term base.
Current Level: 0.5627
Support: 0.5435
Resistance: 0.5695
Last week’s range: 0.5530 – 0.5621