- October 12, 2017
- Posted by: range
- Category: FOREX
Following a short-term consolidation period in force since October 6, the Kiwi finally managed to break out of its narrow trading range and test the 200-hour SMA. Thus, the given surge left the rate between this long-term moving average, the weekly PP and the 55– and 100-hour SMAs.
Downside risks could prevail in the upcoming hours, but it is unlikely that the aforementioned support cluster would be breached. As apparent on the chart, the New Zealand Dollar has remained near the 200-hour SMA for several hours.
This situation indicates that a possibility of further upside momentum should not be discarded. In case this scenario occurs, the rate is expected to test the weekly R1 at 0.7173.