Kiwi to Rally After Breakout, JPMorgan Says: Technical Analysis
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New Zealand’s dollar is set to rally to a two-and-a-half year high versus its U.S. counterpart, JPMorgan Chase & Co. said, citing technical indicators.
The kiwi, as the South Pacific island nation’s currency is known, broke through an October 2009 high of 76.37 U.S. cents last week and has stayed above it this week. The “breakout” could lead the New Zealand dollar as high as 79.20, a level last reached in May 2008, technical analyst Niall O’Connor wrote in a note to clients.