The New Zealand dollar doesn’t provide too many technical indicators, but it certainly has its share of technical setups. Here are two trading ideas:
Here is their view, courtesy of eFXnews:
AUD/NZD: A ‘Fading Star’; What’s The Trade? – ANZ
ANZ FX Strategy Research favors fading NZD strength from here arguing that the good news story is already well factored in at current elevated levels, and prefers to express that vs AUD.
“We have a mildly negative bias towards the NZD…We think that the recent normalization in the AUD/NZD cross has some scope to continue.
It has made an important technical break this month. Given the re-calibration of expectations for the two central banks and the sustainability of growth in the two economies, we think that the range for this pair has moved higher and the threats of parity are long behind us,” ANZ argues.
EUR/NZD: Bullish Setup Intact; Levels & Targets – NAB
NAB FX Technical Strategy Research notes that EUR/NZD previous 2017 highs at 1.6200/50 should keep provide a solid base from which a multi-month to multi-quarter uptrend is likely to emerge.
“Initial target at 1.69/1.70 is most conservative given the experiences of the past 10 to 12 years.
A monthly close above 1.69/1.70 will confirm an aggressive LT topside target of 1.90/2.00.
Only a weekly close below 1.6071 will negate the positive MT bias,” NAB argues.
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