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.
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.
