The NZD/USD spiked earlier this week on massive retail sales growth (q/q) to trade above the 0.70 zone but bulls were not able to continue this move beyond this level.
Let’s talk about the sell zone for the kiwi against the US Dollar. The top of the zone is the highs made in early June 2018 before a -9.13% bearish move (-644 pips) and the highs between December 2018 and March 2019 before a -21.40% bearish move (-1496 pips).
At the same time the DXY (US Dollar Currency Index) is at a very oversold level and bouncing from the lows around the 92.00 level looking at a recovery rally even on this increase in risk appetite.
The Kiwi remains heavy here against all majors but a rally above the 0.7040 against the US Dollar would definitely invalidate this idea.
More so, price is retesting the current structure (orange), the sell zone and has hit very important short term bullish targets.
Levels to watch to the downside: 0.6800 & 0.6660
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