New Zealand Dollar at Risk of Major Breakdown
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Trade Implications NZDUSD – The majority of retail FX traders in our sample turned long the NZDUSD as it traded below $0.8600 through late July, and fairly consistent crowd buying leaves us looking to further downside. Our Senior Technical Strategist highlights the current market price as a critical level of support for the Kiwi Dollar. If $0.7930 gives way we see little concrete support until 2013 lows near $0.7700.
See next currency section: EURCHF - Euro Very Likely to Fall further versus Swiss Franc
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.