The New Zealand dollar has been weakening against its US counterpart for more than a year, dragged down by rock-bottom commodity prices and a central bank that wished things so. These are early days perhaps, but maybe the American greenback's hegemony is looking tired. This chart of the value of the kiwi shows a saucer-shaped base, known as a rounded bottom, with elements of a double bottom at 64 US cents. One step at a time, as textbooks say, the kiwi has been breaking a series of traditional resistance levels and may be starting a new bull market. Weekly closes above the Ichimoku cloud by candles and the lagging line should see a squeeze to 70 US cents.
