NZD/USD: Still like the long side but patience required

The fact that the NZD made short-term highs last week despite quite bearish fundamental news makes me reasonably confident that we are close to a medium-term base. The Kiwi has started to show some strength against the AUD and the GBP and whilst this is happening, I don’t expect the NZD/USD to fall too far.

That said, there is certainly technical scope for a fall to levels near .6385 so if you can’t handle those kinds of swings, then I would avoid this medium term trade.

Immediate support is at .6490 so keep intraday stops below there and lighten up on any intraday rallies towards .6615.

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