The NZD/USD pair rose during the course of the day on Thursday, bouncing off of the 0.7750 level. However, this market most certainly still looks bearish,
The NZD/USD pair rose during the course of the day on Thursday, bouncing off of the 0.7750 level. However, this market most certainly still looks bearish, and on the first signs of resistance we are willing to sell the Kiwi dollar. We believe that the market will find more supportive the 0.75 level, and that the 0.80 level will be massively resistive. Between here and there, we sell the first signs of resistance as we believe the downtrend is well entrenched, and recognize of the Royal Bank of New Zealand is going to continue to try to talk the value of the Kiwi down.
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.
