The New Zealand dollar initially fell, but then turned around a break to the upside, only to pull back again. The volatility in this pair makes a lot of
The New Zealand dollar initially fell, but then turned around a break to the upside, only to pull back again. The volatility in this pair makes a lot of sense though, because there’s a lot of uncertainty out there when it comes to commodity markets. Remember, the New Zealand dollar is highly sensitive to the commodity markets, so this back and forth type of trading makes a lot of sense. Given enough time, I think the buyers probably come back, but the US dollar has seen a bit of a resurgence during the day. Currently, I feel comfortable on the sidelines.
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.
