Price rebounded from the low of 0.823 back to the previous consolidation area found on 1st – 2nd Nov. Currently we’re trading in between H3/H4, and more importantly above Yesterday’s High, keeping bullish optimism. Despite negative risk trends during Asian hours with HSI and N225 closing below their significant levels of 22,000 and 9,000 respectively, NZD/USD was still able to sustain current levels. With European stocks and US Futures trading marginally higher, we could see a return in risk that can propel Kiwi higher towards H5, which is the confluence with the previous swing high found on 2nd Nov.
Longer timeframe seems to suggest that Kiwi is still in an uptrend. Nonetheless a pullback back towards the upward trendline is a possibility with Stochastic currently in Overbought region and current price just under previous consolidation range found in Mid September.
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