Kiwi Dollars

A$ on track to dip below parity with New Zealand

By Stephan Cauchi

The Australian dollar is on the verge of a historic low against the New Zealand dollar and could even go below parity next year, according to foreign exchange broker ThinkForex.

Currently, one Australian dollar buys $1.049 New Zealand dollars – just above the $1.042 low reached in 2006.

“The currencies have always traded above parity since being floated so this will be an historic event,” said ThinkForex senior market analyst Matt Simpson.

The Aussie hold above parity was looking “increasingly tenuous,” he said.

View original post on Sydney Morning Herald


AUDUSD – Re-Entry

I’m currently long on AUDUSD and questioning whether to close my position after a day of consolidating.
– Overall I’m still bullish as I cannot see any concerning bearish divergences forming on RSI
– However RSI does seem to have formed cycle peaks on several timeframes so it is making me consider a pullback
– If a pullback is to occur I have included potential stalling points where I will consider ‘buying dips’
– The resistance area is clearly around 1.038-39 but if broken we may possibly retest the high around 1.07              
So I’m favouring buying any dips, or resetting my entry to enter above the 1.039 area with my stop beneath the congestion zone – whichever happens first! 

“Trade what you see, not what you think…”

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