The NZD/USD pair initially tried to rally during the course of the session on Tuesday, finding the 0.65 level to now be resistance as one would expect.
The NZD/USD pair initially tried to rally during the course of the session on Tuesday, finding the 0.65 level to now be resistance as one would expect. Now that we ended up forming a bit of a shooting star, we believe that the Kiwi dollar continues to drop from here, reaching towards the 0.63 handle. We think that short-term rallies continue to offer selling opportunities, and have no interest whatsoever in buying this market. We believe that the commodity currencies in general will be very soft, and of course the New Zealand dollar will be any different at this point in time.
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.
