AUDNZD-possible triangle thrust after rate cut
Tomorrow we have heavy rate news for the NZD. A rate cut from 3.00% to 2.75% is expected.
Is this happens it could be the beginning of the long term rally for this pair.
Technically we have an ugly consolidation that appers to be a barrier triangle. Currently price is finishing the (E) leg. If it is the case we should expect a strong thrust to the upside, the rate cut would be the catalyst.
I labeled all this consolidation as wave 4.
Price could not break a long term support to the left.
Best regards.
*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome (agree or disagree).
Is this happens it could be the beginning of the long term rally for this pair.
Technically we have an ugly consolidation that appers to be a barrier triangle. Currently price is finishing the (E) leg. If it is the case we should expect a strong thrust to the upside, the rate cut would be the catalyst.
I labeled all this consolidation as wave 4.
Price could not break a long term support to the left.
Best regards.
*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome (agree or disagree).