I’m shorting the NZD at this level
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There can be little doubt as to the weakness in NZD in recent
weeks, against both the dollar and other currencies. The one exception is the
yen, specifically, NZD/JPY.
While this ‘anomaly’ may continue indefinitely, this seems unlikely. We will
keep a close eye on this cross for signs of technical weakness. A break of 77.45
will certainly be one level that may begin this process.
NZD/CAD has recently broke down too, another NZD cross that was persistently
strong. We will be looking to short rallies back towards .7520 expecting that
bearish momentum will continue afterward.
Trade Idea:
As always, feel free to send me your comments and questions.