FxWirePro Call Review: Kiwi bears lurk around 0.675 area; maintain short positions heading into RBNZ

The above weekly chart of New Zealand dollar (Kiwi) against the USD, clearly shows that Kiwi bulls have clearly failed at the former support turned resistance around 0.75 area. The kiwi is currently trading at 0.651 area against the dollar.

Back in March this year, in an article named, “FxWirePro: Sell NZD/USD for attractive risk: reward ratio”, available at https://www.econotimes.com/FxWirePro-Sell-NZD-USD-for-attractive-risk-reward-ratio-1206976 we urged our readers to sell NZD/USD at the then current rate of 0.725 (which is near the range-high) as Kiwi has been struggling in a range of 700-800 pips with a target of 0.675 area.

Later in a follow-up review, we extended the target from 0.675 to 0.65 area, as we suspected that the current semi-dovish (no hurry to raise rates) stance of the Reserve bank of New Zealand (RBNZ) is helpful to our call.

And finally, based on our latest calculations, we extended the short side target from 0.65 area to 2015 bottom around 0.62 area, https://www.econotimes.com/FxWirePro-Call-Review-Kiwi-likely-to-test-its-2015-bottom-against-USD-1392243 and then we have further extended to 0.59 area.

Based on our latest calculations, we would like to urge readers to maintain short positions in the New Zealand dollar heading into the monetary policy decision from the Reserve Bank of New Zealand (RBNZ) is scheduled for tomorrow. Our calculations suggest that sellers are lurking around 0.675 area.