NZDUSD approaching 2011 highs (33 year high)

July 9, 2014 by

Good morning. NZDUSD is approaching 2011 highs of around 0.8840, currently sitting at 0.8805. Stops are building up at 0.8850 and it certainly feels like we will test it, breaking which opens it up to 0.9000 first place. Traders should trade with caution here though as the central bank would like a lower NZDUSD, and should they follow the same steps as the RBA in pushing AUDUSD down, this is potentially a great place to get short. Below is a weekly chart for NZDUSD.



For traders who wish to still take a bullish view on NZD, there maybe more value in looking to sell a cross such as AUDNZD or EURNZD.