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Nov 13 - 10:55 AM

NZD/USD: A Pullback Below 0.6805 Could Attract Notable Selling Pressure - TD

By eFXdata  —  Nov 13 - 10:00 AM

TD Research notes that NZD/USD looks stretched around current levels and sees a scope for a pullback in the near-term.

"NZDUSD has made two attempts to hold above 0.69 since the decision and the pair continues to trade near its highest levels since the early months of 2019. With the daily RSI now comfortably in "overbought" territory, this looks a little overdone to us," TD notes. 

"With an eye on our year-end forecast of 0.66, we think the kiwi is looking a little stretched against its short-term fundamental drivers. Here, we think the pullback below the now-key 0.6857 pivot could see freshly-minted longs rush for the exits. Beyond that, we think a drop below 0.6805 support could attract notable selling pressure," TD adds. 

Source:
TD Bank Research/Market Commentary

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