Kiwi is Tanking: Ride the Momentum
While we’ve seen a little bit of strength in the AUD today, its little brother the Kiwi has been selling off sharply. There was some NZD
While we’ve seen a little bit of strength in the AUD today, its little brother the Kiwi has been selling off sharply. There was some NZD data out earlier that was a little worse than what we’ve seen previously with ANZ Activity Outlook 38.2 (prior 40.3) and Business Confidence 18.3 (prior 19.4).
That’s seen the Kiwi sell down below the 72 cent mark and it's the weakest performer of the majors so far in the session. For the most part there is still some USD strength about and there appears to be some follow through.
Sell Pullbacks
Now that we’ve got some momentum I’m keen to keep that going. Look to sell pullbacks and see if we can break down further. The next target is 0.7130.
I suspect the USD strength might follow through into Europe also, so there’s the potential for another leg lower. As it stands the NZD/USD is down 0.5% in Asian trade.
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