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NZD keeps up the good work

One of the best-performing currencies among the G10 in the last few weeks is NZD. I am going to use the example of the NZDUSD to show you how well the Kiwi is doing. The pair was rising even amid global turmoil, and it should be quite the opposite given that NZD tends to make most of its gains in risk OFF mode. Not anymore.

A proper upswing started here at the beginning of October. The pair managed to form a healthy uptrend supported by the black line. The trend is very technical as it has already paused two times with very clean correction patterns: a flag and a wedge (blue). At the end of November, buyers broke a crucial long-term resistance around 0.682 (green), which had been respected since May 2017. The new week started with a breakout of the upper line of the wedge and the horizontal resistance at 0.6888 (orange). This is a positive factor and puts the bulls on top.

In this case, the buy signal is ON as long as we stay above the green line. The chances that we will end 2018 close to yearly highs are very high. My view on this pair is 100% bullish.

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