NZDUSD Update, Is Global Risk Appetite Driving Kiwi?

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NZDUSD, Daily

The latest global market theme driving markets is the “risk on – risk off” play. Although I do not like the term “risk on–risk off”, one will find it hard to disagree with the current market “theme”. The recent “risk on–risk off theme” has so far played out well for traders who are playing NZDUSD. As risk appetite swings day-to-day from “on/off”, those NZDUSD traders who are plugged into the current theme are swinging with the NZDUSD from going short (risk on day’s) to going long (risk off day’s) depending on which risk appetite mode the market is in.

My strategy for the NZDUSD, since a double top is spotted from the October and December highs, and that for the short term I believe that the “risk on theme” will prevail before markets start to normalize, leads me with the view to Short the NZDUSD if prices stay below 0.6600 for a target at 0.6260.

 

 

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John Knobel

Senior Currency Strategist

HotForex

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