12.12.2014 - The New Zealand dollar may fall soon
The price of the New Zealand dollar has stabilized after a sharp rise against statement of the Reserve Bank of New Zealand on intention of further tightening of monetary policy in the country. At the moment, the quotes are consolidated between the upper boundary of the descending channel and a strong level of 0.7780. In case of penetration of the upper boundary of the channel, quotations may reach the level of 0.9710. More likely is a continuation of the downward movement within the channel. We expect a drop in prices to the bottom of the channel and the level of 0.7660 in the near future and recommend to open short-term short positions.