A potential reversal to the downside may have already started
Hey guys. Hope you're making money and having fun!
Technically, evidence of a potential reversal to the downside is stock pilling against the Kiwi. It's all annotated on the chart, but just to recap:
We had a bearish pin-bar on June 19
In the last 24 hours, the pair began trading below support from almost a month ago (May 24, precisely)
Also, we've seen decreasing daily price range relatively complementing the price consolidation pattern (signaling indecision among traders), until the last 24 hours
Finally, we're also seeing a decreasing rate of change of price, signaling that the quantity of New Zealand dollars demanded by American
traders and Investors is decreasing relative to the quantity of New Zealand dollars supplied by New Zealand's traders and investors for sale.
To get a scoop of what's up with New Zealand, its level of economic activity, whether its currency is overvalued or undervalued relative to its economic condition, go ahead and check out Amplifying Global FX Capital's take;
https://ampgfxcapital.com/reports/rbnz-to-remain-dovish/
Enjoy!!!
Technically, evidence of a potential reversal to the downside is stock pilling against the Kiwi. It's all annotated on the chart, but just to recap:
We had a bearish pin-bar on June 19
In the last 24 hours, the pair began trading below support from almost a month ago (May 24, precisely)
Also, we've seen decreasing daily price range relatively complementing the price consolidation pattern (signaling indecision among traders), until the last 24 hours
Finally, we're also seeing a decreasing rate of change of price, signaling that the quantity of New Zealand dollars demanded by American
traders and Investors is decreasing relative to the quantity of New Zealand dollars supplied by New Zealand's traders and investors for sale.
To get a scoop of what's up with New Zealand, its level of economic activity, whether its currency is overvalued or undervalued relative to its economic condition, go ahead and check out Amplifying Global FX Capital's take;
https://ampgfxcapital.com/reports/rbnz-to-remain-dovish/
Enjoy!!!