The New Zealand dollar fell significantly during the course of the session on Tuesday, reaching towards the 0.70 level below. I think that short-term
The New Zealand dollar fell significantly during the course of the session on Tuesday, reaching towards the 0.70 level below. I think that short-term rallies will occur, but they will also end up being selling opportunities as you can take advantage of a market that looks very bearish longer-term. Ultimately, I believe that we will break down below the 0.70 level, but it is going to take quite a bit of momentum to do that. Pay attention to the commodity markets, they of course have an influence on the New Zealand dollar as well, and as a result if they fall, this market should continue to go lower.
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.
