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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 0.682 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.
In our last review, https://www.econotimes.com/FxWirePro-Call-Review-Kiwi-dollar-likely-to-correct-further-maintain-short-positions-1353996 we urged the readers not to book positions as kiwi moved above 0.7 area after reaching as low as 0.685 area against the USD.
In this review, we based on our latest calculations would like to move the downside target lower to 0.62 area. We expect, the kiwi to test the bottom of 2015 around the price as the strong dollar, trade tensions, and a dovish RBNZ weighs.
