By: Colin Jessup
The NZD/USD or Kiwi as most traders call it, has continued its Bullish ascent and closed above a daily zone on Friday at 0.8050. The pair fell as low as 0.7994 that day but closed much higher at 0.8062. The pair has established a daily trend-line and appears to be creating a big whammy chart pattern. The pair is most likely headed for the weekly resistance zone at 0.8200 this week if the Bulls are able to maintain control. 0.8200 will be a key level to watch, as price has reversed numerous times on this zone.
If the Bears take over during the UK or NY sessions look for support at 0.7990, 0.7900 and 0.7850 areas with resistance for the Bulls at 0.8120, 0.8200 and 0.8275 in the days ahead. There appears to be more volume and strength behind the Bulls, so I remain Bullish on this pair at least until we reach 0.8200 area.
Happy Trading!
