NZDUSD tests the 33 year high and fails
July 10, 2014Yesterday, we highlighted NZDUSD was approaching 33 year highs of 0.8840. We traded up to 0.8835 on the back of USD weakness across the board, where the market saw selling pressure come in, pushing it down to 0.8800. Personally, i still feel we will break but the market may pause or need a further catalyst before renewing the move up. Overnight, we saw weak data causing AUD to continue on its path lower. Taking all things into consideration, i favor looking for dips to sell AUDNZD. Below is a long term chart highlighting the NZDUSD level.
