The NZD has surprised a lot of people, unfortunately myself included, in recent weeks and it has been probably the standout performer among the commonly traded currencies. In fact the NZD/USD moved the entire market yesterday and it may do the same today, although this mornings move doesn’t have the same feel of desperation that yesterday’s had.
The 78.6% retracement of the entire .8215/.4890 fall comes in at .7500 and this level was also a previous pivot for a number of weeks last year. This looks like our new technical target for those clever enough to still be long.
