Can the Kiwi learn how to fly?

The Kiwi Dollar has been very weak against the Swiss Franc for pretty much the entirety of 2023, with the last noteworthy bull run occurring last autumn. After this year's prolonged and massive bear run, the pair has finally reached its all-time lowest price. The current area around 0.52 seems to have potential as a good support price.

I feel a short-term bullish retracement might occur from this area, pushing price back up to around 0.55 area. From there, initial bias would be the continuation of the downtrend, but perhaps a risk-on bias will overtake the market, pushing price even higher.

Trade active:

Price has now broken above the 1H 200 MA, first time doing so in a month. This very well may be start of the bullish rebound.

Comment:

Over the past few years, this pair has often turned bullish in the latter months of each year, experiencing uptrending surges that stretch into higher timeframes. Last autumn, a bullish trend reversal started in the month of September, and lasted throughout those remaining months, until the year closed.

If history is on our side, we should expect bullish activity from here on out, and the uptrend may officially begin.

Trade closed: target reached

Comment:

As I initially expected, NZD was able to rally the price up to .55, and then dropped, allowing the downtrend to continue.