TipTVFinance

NZD/USD - Upside break could end up in Cypher formation

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
Kiwi rallied after RBNZ shock many in the markets by keeping interest rates unchanged. The bank was widely expected to cut rates by 25 basis points.

As of now the bird is struggling to take out rising channel (blue). If indeed the resistance is breached on day end closing basis, we could go higher to another trend line resistance (black). The level is seen rising to just above 0.73 in next few days and could turn out to be Leg C of the cypher pattern . Failure at leg C followed by a break below blue trend line would mean the pair could drop to Leg D. Note Leg C has to reach minimum 127.2%. So we could turn lower from near 0.7250 levels as well.

The entire price action could play itself out during next couple of months or so.
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out