NZD/USD Makes a New High on the Year; NZD/JPY Confirms Bullish Breakout

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NZD/USD Makes a New High on the Year; NZD/JPY Confirms Bullish Breakout

After a couple months of sideways and corrective price action, the NZD/USD has been sharply bullish throughout June. So far this month, the Kiwi rebounded from 0.84 to almost 0.88. The 0.8793 high this week is a new high on the year. The moving averages in the daily chart are in bullish alignment. The RSI has some room before traders consider it overbought. In the very short-term NZD/USD looks poised to challenge the 2011 high at 0.8842.
nzdusd 6/27/2014 daily chart
(nzdusd daily chart, 6/27)

The NZD/JPY has a similar technical development as NZD/USD. Following a 2-month correction pattern, the Kiwi-Yen rallied sharply in June, and broke above the correction pattern last week. This week, price tested the broken resistance and is respecting it as support, which suggests bullish continuation at least toward the 89.92 high on the year as well as the 90.00 psychological handle.
nzdjpy 6/27
(nzdjpy daily chart, 6/27)

To contact the reporter of this story, email Fan Yang at fan@forexminute.com
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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.