- NZD (and to a lesser degree the AUD) has had a tendency to lead moves in Majors (no, not the JPY) vs. USD lately and so NZDUSD bounce off 0.5793 low worth taking note of.
- Granted, RSI’s are not as oversold as they were in previous mini-rallies (Oct, Sep, Aug ’08) but daily readings are slipping
- Ability to hold 0.5800 next couple days could pave the way for another mini rally higher though likely limited to 0.6200-6260 highs
- Remain USD bulls but see this as potential chance to sell into a corrective rally
- NZD pullback of this nature also likely to coincide with some EM relief though, like with the NZD, this is another opportunity to short Emerging Currencies.
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