Kiwi dollar could be on the verge of a trend reversal in the exchange rate with the USDollar. There are a number of technicals to be appreciated, the monthly time scale chart has generated a Doji red candle for the month of January, right at the SENKOU B/A Nuage, still inverted. The Doji candle means uncertainty in the forex market on the trend direction, but also the possibility of a trend reversal, with a depreciation of the Kiwi dollar compared to the USDollar, much clarity could be brought forward by the forex market action in the month of February. Other technical indicators can be the Bollinger band that highlights NZD/USD stretching the upside hinting to a possible reversal. There could be the Senkou A support NZD/USD 0.68, that would see a -5.12% depreciation in the exchange rate, worth to remember that the developing of NZD/USD candle inside the SENKOU A/B does not give any technical entry point, once the exchange rate would break below NZD/USD 0.68, that would confirm the depreciation downtrend for NZD/USD, where there could be NZD/USD 0.6550 middle line of the Bollinger band support, NZD/USD 0.64 Kijun line support while completing the Bollinger band move would hint NZD/USD 0.58<0.6075.
Technical Indicators monthly time scale
|Buy: 9 Sell: 0 Neutral: 0|
|Buy: 10 Sell: 2|