Yahoo Finance The New Zealand dollar breaks out during American session on Tuesday
The New Zealand dollar broke above the 0.7350 barrier during trading on Tuesday, as we continue to see the US dollar roll over in general. The market looks likely to continue to go much higher, perhaps reaching towards the 0.75 level over the longer term. In the end term, I believe that short-term pullbacks will be nice buying opportunities that you can take advantage of, as there seems to be a significant amount of bullish pressure. I believe that the market should continue to be very noisy, but it’s obvious that the New Zealand dollar is trying to catch up in general.
The 0.73 level underneath should be support, and I believe that with the Chinese seeming to try and calm things down with the rhetoric between the US and China, it makes sense that we would get more of a “risk on” move, as seen by the kiwi dollar. The market looks likely to continue to be noisy, but if we were to suddenly get some type of heating of the rhetoric, it could turn this market back around, perhaps sending the New Zealand dollar lower. Unfortunately, this will probably be a very sudden move, so keeping your stop loss in tact is going to be crucial. However, right now it looks as if we continue to find reasons to go higher, and therefore I think that it’s only a matter of time before we reach to higher levels, but I recognize that it will be very difficult, you should probably keep a smaller position.
NZD/USD Video 11.04.18
This article was originally posted on FX Empire
