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The NZD/USD pair fell during the session on Wednesday as the risk appetite for traders around the world continues to fall. This market looks like it's ready to start falling again, and it appears that the 0.8150 level is acting as support. We feel that the 0.80 level will be revisited, and with all of the headline risk out there it wouldn't exactly be a surprise to see the commodity currencies fall.
The upside of course is capped at the 0.83 handle, and as such we think that this will end up being more of a short traders market than some type of longer trader’s environment. The Kiwi dollar will still continue to be held hostage to risk assets, and with the volatility that we've seen over the last couple of days we believe that buying this pair is going to be very difficult.