Starting off the month of November, the NZD/USD was challenging low watermarks near 0.66000 as heightened risk-averse trading controlled sentiment. However, in the past month, the Forex pair not only resumed its bullish trend upwards but now finds itself traversing values not seen in two-and-a-half years. The NZD/USD has produced a slight reversal in early trading today, but it remains within the higher depths of its value and speculators of the Forex pair may feel inclined to continue pursuing its upward movement.
The NZD/USD does have a solid history of producing strong trends which can be followed by traders. In order to take advantage of its moves, speculators need to be careful regarding the amount of leverage they use so they do not over-extend the risks they are taking. However, with careful management of positions using limit orders, take profits and stop losses, the NZD/USD can prove opportunistic if technical trends remain steady.
Resistance levels above continue to appear like they can prove vulnerable. The 0.70860 juncture certainly proved strong earlier today, but it was testing a value last seen in April of 2018. What traders should look out for is the ability of the NZD/USD to sustain its current higher values. Bullish trends cannot be accomplished in a single day and breaking through long-term resistance last challenged in the spring of 2018 may prove difficult near term.
However, the challenge to current higher values may not prove impossible for the NZD/USD to overcome. Global risk appetite remains steady to optimistic, and this will fuel speculators within the Forex pair who suspect that the NZD/USD has further room to climb. While the New Zealand government might have mixed feelings about the New Zealand dollar getting too strong, its current trend might prove hard to stop mid-term.
Speculators who pursue buying positions of the NZD/USD seem to have technical charts on their side of the argument. Current resistance levels above may prove tough to bust through, but if they do prove vulnerable, the upward trend of the NZD/USD could find additional momentum in a rather swift manner. Traders who are cautious should wait for slight pullbacks lower and use limit orders to trigger buying positions in order to participate.
NZD/USD Short-Term Outlook:
- Current Resistance: 0.70860
- Current Support: 0.70486
- High Target: 0.71210
- Low Target: 0.70300
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