The Trendline in the Kiwi is Still Intact
Rowan Crosby • 1 min read
The Kiwi has been on the march in recent times and we’ve been riding the uptrend for all it’s worth.
In early December the NZD/USD was languishing at the 0.6800 level. Since that point in time, we’ve had a big run-up and we are five cents higher at 0.7300 as of today.
A large part of that has been the USD weakness. Since the Trump Tax Bill passed most of the majors have been strong against a tumbling Greenback.
However, the Kiwi has really been an outperformer.
The Trend is Strong
The trendline to the upside in the Kiwi has been in place for over a month now. Looking at the 240 min chart you can see that we are still riding it higher as of this writing.
With that in mind, it is still worth dipping our toes in at this level. The Dollar strength yesterday has helped us pullback a touch and we can now look for an entry around 0.7256. Hopefully, we will get a kick and that will take us back up to the highs.