The Kiwi has a New Trend and it’s Bullish
Rowan Crosby • 1 min read
For the last few weeks, we’ve been slowly grinding down in the Kiwi. There have been some political changes that rocked the NZ currency along with general weakness after a long period of strength.
In some ways, it has mirrored what we’ve seen in the AUD and to a lesser extent the CAD. Generally speaking, the USD is starting to make up ground on these currencies, however over the last few sessions we’ve seen something a little different with the NZD.
While other commodity currencies have weakened, the Kiwi is getting some strength.
So, for now, we have to change our bias to the upside as we go into the end of the year. I’m looking for dips to keep on buying the Kiwi. For now, I’m targeting 0.6981 as the level I like the look of.
If the US tax cuts get through on Tuesday there is a chance of a dip as the USD has the potential for a short-term spike. However much of the news might already be priced in.