Here we can see the market has approached key support. The timing of this event with the (mostly) priced RBNZ cut allowed a good opportunity for some profit taking to be completed.
We traded this entire swing live here on tradingview (see attached charts to dig deeper in the archives) and bought the exhaustion at 0.654. This area was an ABC target inside a fairly congested area and provided an opportunity to consider bullish exposure.
I would recommend watching how price action develops around current levels and consider buying if you believe the bearish NZD story has become crowded.
Good luck all those positioning for the macro swings coming in NZD.
We traded this entire swing live here on tradingview (see attached charts to dig deeper in the archives) and bought the exhaustion at 0.654. This area was an ABC target inside a fairly congested area and provided an opportunity to consider bullish exposure.
I would recommend watching how price action develops around current levels and consider buying if you believe the bearish NZD story has become crowded.
Good luck all those positioning for the macro swings coming in NZD.
