Tickmill (24 February 2020) – NZDUSD Breakdown

Title : NZDUSD Breakdown (February 24, 2020)

Broker : Tickmill

Description : NZDUSD Outlook – Last week was a bumpy ride for currencies whose countries were impacted by the coronavirus. While this trend could continue this week, we’ll also be looking at the US Consumer Confidence Index and its GDP, as well as Canada’s GDP and China’s Manufacturing PMI towards the end of the week.

Today I’m looking at the NZD/USD pair which continued its freefall towards the key support level of 0.6258 last week.

On the monthly chart, this could turn out to become a double bottom bullish reversal chart pattern. However, the only way this could happen is if the 0.62 support level holds strong.

Otherwise, doors could open for 12-year lows which haven’t been seen since the last recession.

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