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Recent big rally in New Zealand Dollar might be over with Wednesday's wedge break and the pair (NZD/USD) might slide further with speculation over December rate hike from US Federal Reserve.
- Milk which is most vital commodity for New Zealand's comprising more than 40% of its commodity exports declined in value in twice at a stretch after brief rally. Milk prices are down more than 10% from its recent peak.
- Moreover latest report from ANZ shows, recent rise in Kiwi/Dollar exchange rate by more than 600 pips has taken its toll on commodity exporters as prices declined more in New Zealand Dollar terms.
Though Reserve bank of New Zealand (RBNZ) has moved to wait and watch mode, it will soon be back with its dovish commentary and further rate cut.
Trade idea -
- Sell Kiwi against Dollar at current price (0.662) and bounce back.
- Stop loss for this trade would be downward sloping resistance line of the wedge. Approximately around 0.68.
- Target for this trade is around 0.645 area and 0.635 area.
- ).67 area is likely to act as interim resistance, while 0.65 as interim support.
