Inside the Currency Market: NZD/USD

AUD. Note the dead stop and reversal at 0.7385. Last AUD post stated overbought between 0.7381 – 0.7397. Points mentioned 0.7381 and 0.7389, average = 0.7385. Stop dead between the range. Respect these points as they are exact.

NZD/USD. Points above. 0.6576, 0.6581, 0.6582 Then jumps to 0.6591, 0.6600, 0.6602, 0.6621, 0.6640. Big line above 0.6608. That line changes shorts to longs. Kit Jukes states this morning RBNZ prices in 2 OCR cuts. We want targets at Range bottoms 0.6549 then 0.6501, 0.6470. With this much market pressure on RBNZ to cut, its short. We may not see much of a rise. But its sell, sell rallies. Rallies won’t rise very far. Not much to say here.

Brian Twomey Inside the Currency Market, btwomey.com

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