New Zealand dollar is likely to be subjected under pressure. After RBNZ left interest rates unchanged at 2.00% yesterday, representatives of the central bank explained that the possibility of reducing interest rates in November and in February 2017 remains.
The bank added that the outlook for the commodity prices remains uncertain due to reduced expectations for overall growth of the world economy.
We can look for good positioning: long positions in AUD / NZD, as the price is close to record low levels and signals the likely reversal of price trend. Also by NZD / CAD we can look for short positions as the price is at record highs and also have price action signals for probable decrease. By NZDUSD price is below horizontal resistance and 50% Fibonacci level and we can look for place to sell.
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