Caution grows over Kiwi/Aussie strength

Hedge funds and currency strategists are growing increasingly cautious over the New Zealand dollar’s strength against the Australian dollar, believing its long bull run could finally be nearing an end… Ian Gunner, manager at Altana Hard Currency Fund, said the fact that Friday’s fall in the Australian dollar-New Zealand dollar rate was followed by a move higher, forming a so-called candle stick on the chart, supported this view. “It’s a warning sign that we’re close to an end. It would suggest the beginnings of a reversal,” Gunner said. “I’d be very nervous putting on short Aussie-Kiwi.”

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