I have been bullish
on this pair, but got stopped out. When such strong bullish
signals fail, it is time to reverse positions. Although I am still bullish
on the longer term (that is still an inverted H&S
on the weekly, right at the all time support), I believe the pair is going to move down in the coming weeks.
On the weekly chart the impulse turned red.
On the weekly chart, the corrective double bottom
I outlined on my previous chart got trashed today, due to the policy stance of the RBNZ (they kept the interest rate at 2.25%).
I have recently started using more of the 78.6% fib. That is where my target is.