The New Zealand dollar rally during the week, testing the bottom of the previous uptrend channel. The candle is fairly strong looking, so I would be a bit
The New Zealand dollar rally during the week, testing the bottom of the previous uptrend channel. The candle is fairly strong looking, so I would be a bit hesitant to short right away but I think if we can break back below the 0.70 level the market will roll over for a much deeper move to the downside, perhaps down to the 0.65 handle. I have no interest in buying until we get a daily close above the 0.7250 level, which would signify that we are probably going to make a run towards the 0.75 level.
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.
