USD/SEK weakens
The New Zealand Dollar has depreciated slightly against the Japanese Yen during the past two weeks. This has resulted in the formation of a falling wedge. The given pattern was formed as a wave down in a senior ascending channel.
The Kiwi has been hindering near the bottom wedge boundary for several hours. However, as there is still some downside potential until the lower channel line, the Kiwi might actually test the 80.00 mark—an level likewise reinforced by the 61.8% Fibonacci retracement.
By and large, the rate is expected to rise in the medium term. It faces several significant resistance areas along the way, namely, the monthly PP and the 55– and 100-hour SMAs near 80.70 and the 200-hour SMA at 80.95. These levels could hinder the pair for some time; however, the overall trend should be to the upside.
The Kiwi has been hindering near the bottom wedge boundary for several hours. However, as there is still some downside potential until the lower channel line, the Kiwi might actually test the 80.00 mark—an level likewise reinforced by the 61.8% Fibonacci retracement.
By and large, the rate is expected to rise in the medium term. It faces several significant resistance areas along the way, namely, the monthly PP and the 55– and 100-hour SMAs near 80.70 and the 200-hour SMA at 80.95. These levels could hinder the pair for some time; however, the overall trend should be to the upside.
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