This pair has been in a long term range between 1.02 and 1.12 , and so no surprise the 200W MAV is 1.07.
Price tested the high 1.02 handle last week , and was strongly rejected by the buyers ( aided by a surprise RBNZ cutting OCR by 50 basis points) .
With price placed to the high of a descending channel, considering an entry for a long.
Enter - Monthly Pivot
Stop - Below S1 Pivot , near channel low
Target - Start of the recent downtrending channel ( to complete and ABC pattern)
RR = 3
Price tested the high 1.02 handle last week , and was strongly rejected by the buyers ( aided by a surprise RBNZ cutting OCR by 50 basis points) .
With price placed to the high of a descending channel, considering an entry for a long.
Enter - Monthly Pivot
Stop - Below S1 Pivot , near channel low
Target - Start of the recent downtrending channel ( to complete and ABC pattern)
RR = 3