The NZDUSD is testing a medium-term trend line at $0.773, and it the risk/reward ratio is particulary attractive on the short side of the market with stops just above $0.776 and bearish targets at $0.76, $0.74 and $0.72$. REnewed selling pressure depends more on the US dollar right now, but the NZD could come under pressure if the RBNZ hints at a rate decrease during its April 30th meeting following the Chinese GDP data earlier this month.
EDIT ON 29 APRIL : Given the sharp USD drop yesterday, I don't think it's a good idea to short the NZDUSD now even if we are back to the same resistance level as last week. To short the NZD, I prefer the GBPNZD cross ass the GBP is currently bullish.
EDIT ON 29 APRIL : Given the sharp USD drop yesterday, I don't think it's a good idea to short the NZDUSD now even if we are back to the same resistance level as last week. To short the NZD, I prefer the GBPNZD cross ass the GBP is currently bullish.
