NZD Retail Sentiment Takes A Dive

Retail sentiment for the NZD has taken a huge dive following the previous few days of risk currency selling. In an industry where a large % of retail traders lose it’s good to be a contrarian, and I remain stead fast in my bullish outlook for the NZD. The question is this – when is the right time to buy?

On April 6th, the NZ government will be making an announcement regarding the AU-NZ travel bubble, and given that NSW Australia has effectively removed all restrictions this is a very positive sign for both countries open borders to one another.

The NZDJPY is currently between the daily 50 & 100 moving averages and approaching the trendline, 100 MA & 38.2 fibonacci level, giving a number of confluences for support.