NZD/USD rallied on Thursday as the markets are finally starting to calm down after the massive bearish move we have seen over the last couple of weeks. The pair is highly sensitive to global markets and the risk profile at the time, as well as commodities. The commodity markets are also starting to rally on a bounce, so this pair rising isn’t a surprise. However, the recent move down was simply too strong to believe that this pair will rally for any significant length of time. We are waiting to see an exhaustive candle in the next 200 pips or so to sell this pair. We won’t buy as there are too many potential headwinds out there at the moment.
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