NZDCAD ready to break the multi-months rooftop?
Bullish:
- price action above the Kumo, Kijun-sen and Tenkan-sen.
- Tenkan-sen recently crossed above Kijun-sen and keeps pointing higher.
- Chikou-span above historic price action.
- rather negative oil prospect.
Neutral:
- last weekly candle is a doji confirming hesitation after four failed attempts and uncertainties around next week RBNZ rate decision.
Bearish:
- RBNZ seen cuting rates. Nevertheless a lot will depend on the accompanying monetary policy statement and the DXY direction.
- remember Aussie's rebound after RBA rate cut announcement, as rate differential vs. USD was seen as the major force driving AUD higher, so even more likely with Kiwi's historic higher rates.
- price action above the Kumo, Kijun-sen and Tenkan-sen.
- Tenkan-sen recently crossed above Kijun-sen and keeps pointing higher.
- Chikou-span above historic price action.
- rather negative oil prospect.
Neutral:
- last weekly candle is a doji confirming hesitation after four failed attempts and uncertainties around next week RBNZ rate decision.
Bearish:
- RBNZ seen cuting rates. Nevertheless a lot will depend on the accompanying monetary policy statement and the DXY direction.
- remember Aussie's rebound after RBA rate cut announcement, as rate differential vs. USD was seen as the major force driving AUD higher, so even more likely with Kiwi's historic higher rates.
Comment:
Did I mention the inverted H&S pattern? Now it's done.