23 Feb 2015
NZD/USD: Rallies toward 0.76 short opportunities - BNZ
FXStreet (Bali) - Raiko Shareef, FX Strategist at BNZ, notes that rallies in NZD/USD toward 0.76 are seen as opportunities to enter strategic short positions, targeting 0.70.
Key Quotes
"We feel that levels above 0.7550 offer attractive risk-reward for a strategic NZD/USD short, on the premise that the mega-rally in the USD continues to grind higher. We would set a wide stop, 0.77 or higher, as is prudent in volatile markets such as these. These allows for some overshoot even if the key resistance at 0.7610 is broken."
Key Quotes
"We feel that levels above 0.7550 offer attractive risk-reward for a strategic NZD/USD short, on the premise that the mega-rally in the USD continues to grind higher. We would set a wide stop, 0.77 or higher, as is prudent in volatile markets such as these. These allows for some overshoot even if the key resistance at 0.7610 is broken."