The NZD/USD pair seems to have found a home in the 0.7350 level. While there have been many reasons to sell anything risky, this currency has held up. Even with a 50 bps rate cut the other day, the currency has held up. Even with the selloff in equities, this currency has held up. It seems that this pair doesn’t want to go down.
Judging by the previous levels, we could see a nice bounce here to remain in the 0.7350 and 0.78 levels. However, if we break below the 0.7350 level, 0.70 will be in the cards – and quickly.
More March 15, 2011 Analysis:
