The New Zealand dollar initially tried to rally during Tuesday, but turned around and fell significantly. The reason I think it significant is that we are
The New Zealand dollar initially tried to rally during Tuesday, but turned around and fell significantly. The reason I think it significant is that we are testing the 0.70 level, an area that obviously has a lot of psychological importance associated with it. Because of this, I am looking for short-term rallies that I can sell on signs of exhaustion, and of course a significant breakdown below that level. Keep in mind that the New Zealand dollar tends to be very sensitive to the commodity markets. Because of this, we could have outside influence and volatility enter this pair.
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.
