The NZD/USD pair bounced around during the session on Thursday, testing the 0.65 level for support. However, this is a market that looks very
The NZD/USD pair bounced around during the session on Thursday, testing the 0.65 level for support. However, this is a market that looks very consolidative at the moment, and we believe that the fact that we formed a fairly volatile looking neutral candle suggests that perhaps the buyers are starting to run out of strength. A break down below the 0.65 level, we would be sellers. We would also sell rallies that show signs of exhaustion, as the New Zealand dollar of course will still be susceptible to be volatility and general malaise of the commodity markets.
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.
