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EURNZD – Topped?
The EURNZD appears to have made swing high at the 1.6050 level and is now starting to slide towards the 1.5800 level. After a massive rally that saw the euro outperform the comm dollars, the euro now appears to be in profit taking mode.
The surest sign that buying may have reached its limit is the fact that euro failed to rally off positive news from PMI and IFO data today. Meanwhile, the kiwi has been well bid for several days and managed to take out and hold the key .7000 figure in today’s trade.
FX traders will get a look at New Zealand trade balance at the start of Asian session trade today and if the numbers beat the forecast the pair could quickly tumble towards the 1.5900 mark.