NZDUSD Daily Outlook – On Tuesday, the Fed announced another $500 billion support for short-term bank funding. The USD continued its rally on Tuesday but earlier during Wednesday’s Asian session, it saw a bit of a pullback. Meanwhile, we found out that the U.S. Retail sales dropped 0.5% in February, and the Canadian manufacturing sales were down 0.2% in January, the fifth consecutive monthly decline.
On Wednesday we will be looking at Canada’s CPI, New Zealand’s GDP, Japan’s national CPI, and Australia’s employment change on top of all the Coronavirus developments… so it will be a busy day.
On the charts, I’m looking at the NZD/USD pair which confirmed below the key support level of 0.62 and is on its way to 12 year-lows of 0.58 and potentially even 0.49.
These levels were last reached during the 2008 market crash.
For many investors, shorting the markets could make sense, if you think history is bound to repeat itself.
Do you think NZD/USD will drop to as low as 0.49? Head over to the comments section and let me know!
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