FxWirePro Call Review: Maintain short positions in NZD/USD; target revised lower

Back in March this year, in an article named, “FxWirePro: Sell NZD/USD for attractive risk: reward ratio”, available at https://www.econotimes.com/FxWirePro-Sell-NZD-USD-for-attractive-risk-reward-ratio-1206976 we urged our readers to sell NZD/USD at the then current rate of 0.725 (which is near the range-high) as Kiwi has been struggling in a range of 700-800 pips with a target of 0.675 area.

So far, the call has paid off handsomely as it is well in the money with NZD/USD trading at 0.689 area. As the call is 360 pips in the money and nearing our target area, we would like to urge our readers to maintain short positions in the NZD/USD. The current semi-dovish (no hurry to raise rates) stance of the Reserve bank of New Zealand (RBNZ) is helpful to our call along with the ongoing strength of the USD.

In this piece, we would like to urge our readers to maintain short positions as we revise our final target lower; from 0.675 area to 0.65 area.