Home / General / BNZ: short NZD/USD position at 0.6610, targeting 0.6200, with a tight stop at 0.6700
BNZ: short NZD/USD position at 0.6610, targeting 0.6200, with a tight stop at 0.6700
From the FXWW Chatroom – Looking across the G10 FX space, it is clear the broader USD has found some support in recent days. We remain constructive on the USD heading into 2016, and decidedly so against NZD. Our end-of-year NZD/USD target of 0.62 offers a 6% gain from current levels.
We’ve long suggested that levels above 0.66 on NZD/USD are attractive for strategic short positions, but stood back through October’s run up. Heading into tonight’s US non-farm payrolls report, with survey data suggesting a strong outturn, we enter a short position at 0.6610, with a target of 0.6200.