Follow the Leader: NZD to Take Out Lows
Rowan Crosby • 1 min read
The last few days we have been focusing on the AUD/USD and its fall from grace. There have been a number of poor data releases this week that has sent the Aussie to the lows and just about to the 75 cent level.
Across the board, the commodity currencies have been weak, which includes the CAD and NZD. Commodity prices have fallen this week, especially Crude and Iron Ore.
With that in mind, I’m looking for more downside to come in the Kiwi. This has been a great trade for our followers and we have an active sell signal out at the moment.
I am looking for a break of the lows as well as a break of 0.6800. Today we, of course, have US unemployment which has the potential to push the USD around quite a bit. With that in mind, I think it is a safer play to wait on a pullback.