NZDUSD on its way to rally to 0.70

4 Des 2018

NZDUSD continues higher towards 0.70 on positive tone from US/China trade negotiations, but we ere bound to see some profit taking at 0.70/0.7050. Beyond that level is difficult to project what will support kiwi strength as RBNZ is nowhere near to raising rates. The only thing that might push the price higher might be Feds reluctance to continue tightening and subsequent dollar weakness. So depending on how things will play I am looking for short position after probably fake breakout of the resistance area. As always don't rush into getting in trade on first touch of resistance, just wait and see how price behaves around it. Most of the times patience and staying away it pays off better then just having a position open