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Update − New Zealand Weakness To Continue Before Short Reversal (Forex Hedging Strategy)

Mon, Jan 12 2009, 06:28 GMT
by Daily FX Research Team

DailyFX


In our original article we advocated an overall long position in the Australian Dollar against its New Zealand counterpart. We also felt that a short-term southward bias would ensue once the pair reached the 1.2260 level. The expected corrective pullback has, however, come into fruition sooner than anticipated and has caused the pair to break through upward channel support. This may be a false breakout as our fundamental bias continues favors the upside. The current developments now offer us a new support level near 1.1671.

Hedging


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