The NZD/USD pair broke higher during the course of the session on Monday, using the region near the 0.65 level as support. Ultimately though, we feel that
The NZD/USD pair broke higher during the course of the session on Monday, using the region near the 0.65 level as support. Ultimately though, we feel that any bounce at this point in time would be a selling opportunity as there is massive resistance above and quite frankly the trend is to the downside. The commodity currencies all look very soft at the moment, and as a result we feel that eventually this pair will break down below the significant support that we see. Have no interest in buying, and look at every rally as potential value in the US dollar.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
