More Opportunities to Sell the Kiwi
Rowan Crosby • 1 min read
The Commodity Currencies like the AUD, NZD and CAD have been very good to us over the last few weeks. There is a really nice trend in place, especially in the Kiwi and Aussie and we have been riding that for all it’s worth.
At the moment we have a sell signal out on the NZD/USD with a profit target of 0.6800 cents. That said I think we can identify a few nice levels to look at further shorts. I want to be riding this trend until the very end.
0.6835 which is around the current level is a great spot as this is support turned resistance. Above that, the 0.6870 level is another support/resistance level where we also have the 50-SMA on the 4-hour chart. So that might be another point that I would explore.
But remember the USD is in-play during the US session as we have the FOMC minutes which are due for release.