The New Zealand dollar initially went sideways during most of the session on Wednesday, but then fell off of a cliff to reach towards the 0.72 handle. That is where I see the market trading as I write this, and it looks as if a bounce could be coming. Because of this, I believe in buying near this area, if we can break above the 0.7215 handle. A breakdown below the 0.7190 level would be very bearish for the kiwi dollar, and send it much lower, perhaps looking towards the 0.70 level. With this, I believe there’s a short-term buying opportunity.
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NZD/USD Forecast August 31, 2017, Technical Analysis
The New Zealand dollar initially went sideways during most of the session on Wednesday, but then fell off of a cliff to reach towards the 0.72 handle.
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About the Author
Christopher LewisSenior Analyst
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.
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