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It is a fact that New Zealand's economy is facing heavy headwinds this year over slowdown in China and continued drop in global dairy prices.
It is also a fact that New Zealand Dollar has fallen sharply this year, making it the worst performer among liquid pairs. This year Kiwi is down more than 15% against Dollar and down more than 22% in last 12 months.
RBNZ has reduced rates by 25 basis points each in two consecutive meetings. Further rate cut is likely, since New Zealand Dollar interest rates are highest among developed worlds at 3%.
In spite of rate cut outlook, possibilities are high that Kiwi might pose an interim jump, while market try to gauge FED rate hike possibilities. A correction is due for Kiwi.
Trade idea -
- Buy Kiwi against Dollar and Yen.
- Kiwi is currently trading at 0.658 against Dollar. With stop around 0.65 (recent low at 0.649), target double as minimum and tetra as maximum of the risk.
- Kiwi is currently trading at 82 against yen. Buy Kiwi with 80 as stop loss and 85 as target.
