the kiwi has been heading south against the majors since the surprise rate cut and intentions of continuing a rate cut cycle. It's success as the highest yielding major carry trade is fading. Without that buoy the big cross rate mover appears to be tied to Sterling.
GBP/NZD bounced off Dec 06 support @ 2.42 early this year and has not looked back since. Key upward levels look like 2.75, then around the 07 highs of 3.05
NZD/USD major support @ .7419 has more or less held since the announcement, I have a limit order at .7399, sustained below this level puts a near term.7100 in easy reach
eur/nzd along with usd, the eur chart also looks to be at a tipping point. strong resistence @ 2.1115 but also uptrend support @ 2.8060 level and rising.
Not unreasonable to think near the end of this cycle we could see the 06 lows of .6000 in nzdusd
GBP/NZD bounced off Dec 06 support @ 2.42 early this year and has not looked back since. Key upward levels look like 2.75, then around the 07 highs of 3.05
NZD/USD major support @ .7419 has more or less held since the announcement, I have a limit order at .7399, sustained below this level puts a near term.7100 in easy reach
eur/nzd along with usd, the eur chart also looks to be at a tipping point. strong resistence @ 2.1115 but also uptrend support @ 2.8060 level and rising.
Not unreasonable to think near the end of this cycle we could see the 06 lows of .6000 in nzdusd
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