The New Zealand dollar broke down on Wednesday, as we continue to see massive bearishness. At this point, you are either short of this market or on the
The New Zealand dollar broke down on Wednesday, as we continue to see massive bearishness. At this point, you are either short of this market or on the sidelines. Shorting now would be very dangerous, as it would be “chasing the trade”, which of course is the easiest way to lose money. I think at this point you must wait for a bounce to start selling, as the US dollar continues to strengthen. Ultimately, the market looks as if the sellers are in complete control of the New Zealand dollar, preferring the greenback.
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.
