NZD/USD fell on Monday, but bounced later to form a hammer just above the 0.82 level. This looks bullish for the Kiwi, and we suspect there will be another push to reach 0.84 in the near term. The currency is presently outperforming its cousin the Aussie dollar, and this shows that New Zealand might be the place to be in the event of positive markets overall. (The commodity trade could come into play at this point.) If we get a bounce in the world’s markets, the Kiwi could be the place to be. A breaking of the 0.80 level wipes out any longs in our opinion. Until that happens, we can only buy when support shows itself like it did on Monday.
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