30 pips to go
Wretched run for NZD/USD.
It’s been a freefall for the kiwi since the surprise election result and coalition. It’s finally closing in on support with the May low of 0.6814 less than 30 pips away.
That’s after another 45-pips to the downside today and more than 350 in the past 8 days.
The drop in the kiwi this week is a reminder to never try and catch a falling knife, even if Citi tells you it’s a good idea. I’m looking in your direction euro traders.
Anyway, the May low is a huge level and prime spot for a bounce but let’s see how it performs into the weekend before wading in.
If that low breaks, the mid-2016 low is 0.6673.