The NZD currency pairs got hammered today on comments that RBNZ Wheeler still expects a “significant” move lower in the currency. Most traders focus on the NZDUSD first, then may look at other cross pairs. Most traders will also look at the recent history and not look at a longer term picture/perspective.

If you were to look at the NZDJPY or the AUDNZD, those pair show that the NZD is still near longer term highs. The NZDUSD is also high from a longer term perspective.

  • For the NZDJPY we have been in a 7 month up and down trading range at the highs. We fell today and are getting very close to the lows once again. A break should ignite more selling momentum.
  • For the AUDNZD, the pair was as high at 1.3077 in July 2012. It is at 1.1100 now. That can be rough on export businesses.
  • The NZDUSD is trading at the lows for the year at 0.7917 but the 2013 low was 0.7683, the low from 2009 way lower at 0.4892.

Now the pairs will not likely rotate toward the recent history lows, but there may be something “significant” left.