The NZD/USD pair broke higher during the session on Wednesday, as all antipodean currencies did. However, the 0.80 level should be resistive, and as a
The NZD/USD pair broke higher during the session on Wednesday, as all antipodean currencies did. However, the 0.80 level should be resistive, and as a result we are looking for some type of resistant candle in order to start selling. We think resistance runs all the way to the 0.81 level, and we are still potentially in a bearish flag formation. Don’t forget, the Royal Bank of New Zealand wants to see this market fall, and has been in the spot market selling off the Kiwi dollar. With that, we are still sellers and would not go against the RBNZ.
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.
