NZD/USD shot straight up on the Wednesday session as the “risk on” trade came back into vogue. The central banks around the world are easing the cost of borrowing Dollars, and as a result the USD lost ground. The pair has gone parabolic, so we aren’t willing to buy at this point. In fact, we will be looking for sell signals on shorter time frames to fade this rally.
NZD/JPY broke above the 60 level, but couldn’t break above the top of the resistance area in the form of 60.50 or so. The pair has been parabolic, and it is definitely due for a pullback at this point in time. The crossing below the 60 level has us short again.
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