© Dukascopy Bank SA
At the moment the Kiwi is trading inside a dense cluster of different technical levels, making it more difficult to project the pair's possible development in the nearest future. However, several facts remains unquestionable. The New Zealand Dollar is actively attempting to violate the upper edge of the bearish pattern. Moreover, the pair has denied to move far away from the trend-line in the past two weeks, which increases the probability of a bullish break-out. On the other hand, indicators are mostly pointing downwards, while market sentiment is bearish (57%). Thus, the pair's future will depend on ability of bulls to consolidate above resistance at 0.6636 in order to prevent a sell-off.
© Dukascopy Bank SA