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Jun 17 - 09:55 AM

USD: High Bar For An Extension Of Recent Sell-Off; Staying Short NZD/USD - TD

By eFXdata  —  Jun 17 - 08:35 AM

TD Research discusses the recent market conditions and maintains a selective tactical USD bullish bias. TD holds a short NZD/USD position in its  model portfolio targeting a move towards 0.61.

"The market wants to push the boundaries of risk appetite higher but fresh momentum seems lacking. With prices stretched, we think this backdrop increases the sensitivities to bad news.

"That's not to say the USD's string of bad luck will turn and yet it raises for the bar for an extension of the sell-off. Our tactical preferences maintain a focus on fading the strength of this "rubber band" looking for it to snap back rather than mending further," TD notes. 

Source:
TD Bank Research/Market Commentary

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