The NZD/USD dipped to a low of .6908 in the interbank market this morning after the RBNZ statement but the word from the market is that a lot of buyers suddenly emerged from the woodwork, indicating a market that is short. The Kiwi hasn’t managed to regain the .70 handle yet but it isn’t far away and certainly looks and feels like more gains are possible. The next layer of offers are seen towards .7075/.7100.
The AUD/USD is also holding onto recent gains but I’m told the short term market is a little long and that we may see a brief sell-off before the next bullish leg can begin.
