The Kiwi has Spiked: Should We Short?
The RBNZ came out today and left rates on hold. The interesting takeaway was their hawkishness surrounding areas such as inflation and the
Rowan Crosby•Thursday, November 9, 2017•1 min read
The RBNZ came out today and left rates on hold. The interesting takeaway was their hawkishness surrounding areas such as inflation and the economy.
For me, I still feel the Kiwi is in a downtrend versus the USD. When we have a higher timeframe, I like to then identify short-term opportunities in the direction of that trend. As a result, I think the little spike we have today, could be a nice chance to sell.
A short in the 0.6960, might be a reasonable plan, with stops above the most recent highs around 0.6980. I feel there’s a good chance we fall back to 0.6900. That will certainly be the case if the USD rallies.
NZD/USD – 240 min Chart.
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Rowan Crosby
Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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