The NZD/USD pair fell during the session on Tuesday, but bounced enough to reclaim about half of the losses. We still think this market is consolidating
The NZD/USD pair fell during the session on Tuesday, but bounced enough to reclaim about half of the losses. We still think this market is consolidating though, and quite frankly we don’t have any interest in trying to play long-term positions. Instead of this, we would rather sell short-term rallies as they should offer value in the US dollar. Ultimately, we do think that this market will probably break down below the 0.65 handle, but may take several attempts to do so. We have no interest in buying the New Zealand dollar as the economic conditions in Asia do not warrant owning a Pacific commodity currency.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
